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Cable Update (GBPUSD)

  • #167,981
  • Sep 23, 2009 4:17am Sep 23, 2009 4:17am
Looks to me that todays R1 is strong.
5M tf.

What do you think ?
  • #167,982
  • Sep 23, 2009 4:18am Sep 23, 2009 4:18am
Sooooooooo,

Are the gods with me? They saved a stop from happening (2 pips away). I would be happy with BE on this small one. Even (-0.5%) would be better than the full 1%.

Que
Que
  • #167,983
  • Sep 23, 2009 4:18am Sep 23, 2009 4:18am
Quoting DubaiFX
bro i am just here my views here not recommendingany trades..
yes i am bearish
i will post my daily trade setups with charts..
just to share my views.
and sorry for late reply i was busy trading as i said before i was short and just clsoed my shorts..

no one know what boe minutes will bring us it may bring us surprize up or down but iam done here wiht gbp today...

after BOE minutes i am still bearish

im shorting again 16425
i know it may go against me maybe much more then i think
but i am bearish and 160XX is still there and next month maybe 15500
BOE minutes cant change the fact that economy is getting worse.
ppl will realise soon ...

happy pips to all..
Don't compare your Trades with Others
  • #167,984
  • Sep 23, 2009 4:23am Sep 23, 2009 4:23am
BTW,

after that settled down....

Good calls on that one GM and Man.

Que
Que
  • #167,985
  • Sep 23, 2009 4:24am Sep 23, 2009 4:24am
Quoting Que
Sooooooooo,

Are the gods with me? They saved a stop from happening (2 pips away). I would be happy with BE on this small one. Even (-0.5%) would be better than the full 1%.

Que

the 150EMA on the 4hr might save us....stick with it buddy we have a chance till stopped out....fibo retrace hi- low 50% reached and resistance, thou not massive the 4hr closing above the ema wont be to easy

diverence there as well
Attached Image (click to enlarge)
Click to Enlarge Name: trade.gif Size: 26 KB
  • #167,986
  • Sep 23, 2009 4:27am Sep 23, 2009 4:27am
Quoting nAVIN2007
the 150EMA on the 4hr might save us....stick with it buddy we have a chance till spotted out....fibo retrace hi- low 50% reached and resistance, thou not massive the 4hr closing above the ema wont be to easy

diverence there as well
It would be nice if someone sold now... anyone got goldman's or UBS's number?
  • #167,987
  • Sep 23, 2009 4:28am Sep 23, 2009 4:28am
I have no plans of manually closing this trade. it would save me less than 0.2% if I manually closed it. May as well suck it up and stick to my original decision and let iit ride out now...

*edit* Yea I see all of that too. But looking at that massive Bull bar leaves us speculating on future PA. I assure you I hope it works out for us. However, I will say, I am VERY glad I decided to make that a 1% trade instead of my initial thought of 2%...

Que

Quoting nAVIN2007
the 150EMA on the 4hr might save us....stick with it buddy we have a chance till spotted out....fibo retrace hi- low 50% reached and resistance, thou not massive the 4hr closing above the ema wont be to easy

diverence there as well
Que
  • #167,988
  • Sep 23, 2009 4:31am Sep 23, 2009 4:31am
Quoting spintrader
It would be nice if someone sold now... anyone got goldman's or UBS's number?

i will kill myself if i manual close a trade once openedfrom now on, the pain of seeing go where i wanted after is worse....

Quote
I have no plans of manually closing this trade. it would save me less than 0.2% if I manually closed it. May as well suck it up and stick to my original decision and let iit ride out now...
  • #167,989
  • Sep 23, 2009 4:34am Sep 23, 2009 4:34am
Clearly no resting orders at top of this potential sbr zone on 4hr/50% 7044-6111 sufficient to take price down...Will the bears come for it now? or have the bulls got it? The 4hr hidden divergence pattern has to fail for the bulls to have it.

As always time will tell...

G/L

http://i37.tinypic.com/2dblcw1.gif
ex member
  • #167,990
  • Sep 23, 2009 4:43am Sep 23, 2009 4:43am
This is what I am see-ing on 4hr above current price/potential sbr zone...also not shown on the 4hr chart are some fib reatrecs of the moves down from 6656 and 6567 to 6111 @ 6456 and 6464 then 6532

G/L

http://i37.tinypic.com/aax4k1.gif
ex member
  • #167,991
  • Sep 23, 2009 4:46am Sep 23, 2009 4:46am
Anticipating a test of d-r1 at 1.645 (also the 4 hr 40 ma) and then a pop down. but what do I know. I shorted into that daily pivot and took a few pennies but missed that move up.
  • #167,992
  • Sep 23, 2009 4:48am Sep 23, 2009 4:48am
Quoting Que
Here is my take.

Trading is a three legged beast; Money Management, Psychology, and some form of trading System. I would say it breaks down to 40% Money Management, 40% Psychology, and 20% System.

Many new people want to jump right in and use fast charts without developing important skills first. I do not know a single trader who is consistently profitable that believes day trading is unproductive. However, you must have the required skills prior to attempting to day trade.

Day trading pushes the limits of most peoples Money Management and...
Thanks Que. I agree...personnally I am aiming to achieve 5-10% a month. I used to think the wrong way round...like so many newbies...where I used to see how much capital I have and then work backwards to figure how much money/percentage I should be earning...BIG MISTAKE!...and I learned the hard way having lost 80% of my account. If you are undercapitalised...don't worry, still aim for a modest/realistic amount without risking stupid amounts...if you want unfavourable odds...you should go to a casino. Like someone said...this is a business and you should be prudent.

As for how much I risk...I risk around 0.5-1% of my account on any given trade...maybe less sometimes...never more. I can always add to it if I get another signal after a retrace.

I look forward to checking your MM sheet. At the moment I have a learning account and use the following MM which I read from a post either here or on Oanda by BigT or something...sorry it was a long time ago.

Basically, whatever your balance is you decide how much risk you want per trade...let's say 1%. So £1000 account = £10 risk per trade. You keep £10 risk until you reach an account target and the you readjust your risk amount per trade...NOT YOUR % RISK. For example you decide that amont is £1500. So now you have a risk of £15 per trade (still 1%). If you make a bad trade you just go back to previous risk amount, which in this case is £10. I even give myself some breathing room before I jump up (eg go to £1545 before using £15 risk so I can have 3 trades against me before jumping back down to £10 risk)
This means as your account grows your actual risk decreases (to 0.67% in the example above) until you reach your target where it jumps back to 1%. So you can imagine risk is like teeth on a saw. You can choose whatever levels you want where the step is taken and of course your risk percentage

I found this useful as on the 5min chart I don't have time to calculate before every trade how big to make my trade.

Not perfect I know but seems to be easy to manage and does the job...for me at least.

Hope it can help someone

Bobby
  • #167,993
  • Sep 23, 2009 4:49am Sep 23, 2009 4:49am
I hope it does not test 1.6450.

Quoting Opium
Anticipating a test of d-r1 at 1.645 (also the 4 hr 40 ma) and then a pop down. but what do I know. I shorted into that daily pivot and took a few pennies but missed that move up.
Que
  • #167,994
  • Sep 23, 2009 4:50am Sep 23, 2009 4:50am
Holding my shorts from 1.6425 all the way to 1.6100
  • #167,995
  • Sep 23, 2009 4:50am Sep 23, 2009 4:50am
literally just got off the phone and bam she drops..
  • #167,996
  • Sep 23, 2009 4:51am Sep 23, 2009 4:51am
Quoting bbmac
Clearly no resting orders at top of this potential sbr zone on 4hr/50% 7044-6111 sufficient to take price down...Will the bears come for it now? or have the bulls got it? The 4hr hidden divergence pattern has to fail for the bulls to have it.

As always time will tell...

G/L

http://i37.tinypic.com/2dblcw1.gif
phow!!! .....we back!!
spinning top will do nicely
a close below 1.64 and my ass is back!! (4hr)
Attached Image (click to enlarge)
Click to Enlarge Name: trade.gif Size: 28 KB
  • #167,997
  • Sep 23, 2009 4:53am Sep 23, 2009 4:53am
Quoting Que
I hope it does not test 1.6450.
Depends on the broker of course but I have Daily R1 pivot anywwhere between 6428-33.

G/L
ex member
  • #167,998
  • Sep 23, 2009 4:57am Sep 23, 2009 4:57am
Quoting nAVIN2007
i will kill myself if i manual close a trade once openedfrom now on, the pain of seeing go where i wanted after is worse....

hey Navin man, could you really see my login details in my post yesterday, beouse I couldn't see them anywhere. If so where? Please let me know body
  • #167,999
  • Sep 23, 2009 5:00am Sep 23, 2009 5:00am
Quoting nAVIN2007
phow!!! .....we back!!
spinning top will do nicely...a close below 1.64 and my ass is back!! (4hr)
Yeh, 1min led the way there with a bearish divergence/band deviation based reversal set-up at that potential res confluence of top of prev 1hr/4hr swing lo zone with the 50% fib 7044-6111

G/L

http://i34.tinypic.com/2cnfp5y.gif
ex member
  • #168,000
  • Sep 23, 2009 5:00am Sep 23, 2009 5:00am
What you are referring to is Asymmetrical leverage. It is very common. If you want a faster way of determining how many lots to buy/sell given your current account size, risk threshold and stoploss; go to my indicators post and get the one that says Bar Time and MM.

You simply tell it the stop and % risk and up at the top of your chart, it will tell you exactly how many lots to buy/sell.

I made it specifically for a friend who was in the same boat as you.

Que.

Quoting bobbybrown
Thanks Que. I agree...personnally I am aiming to achieve 5-10% a month. I used to think the wrong way round...like so many newbies...where I used to see how much capital I have and then work backwards to figure how much money/percentage I should be earning...BIG MISTAKE!...and I learned the hard way having lost 80% of my account. If you are undercapitalised...don't worry, still aim for a modest/realistic amount without risking stupid amounts...if you want unfavourable odds...you should go to a casino. Like someone said...this is a business and you...
Que
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