Long @ 1.6404, TP Target #1 6539, TP Target #2 6602
What's the bet it goes north again now.
A pip is only worth it if you know how much you risked to earn it
Cable Update (GBPUSD)
- #177,561
- Oct 19, 2009 7:59pm Oct 19, 2009 7:59pm
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
What's the bet it goes north again now.
- #177,563
- Oct 19, 2009 8:09pm Oct 19, 2009 8:09pm
Very true.
And I reckon you sold at a very good price considering the high probability setup. Bearish divergence on H4. Nice catch brother
Good luck.
...(I was just presenting my thoughts, of disbelief that .6416 was a good entry)
As for wormboy thanks for shedding light on this trade, now it looks really a professional trade..
- #177,564
- Oct 19, 2009 8:26pm Oct 19, 2009 8:26pm
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
I dont think you should be going long right now, if you look at the longer timeframes, we right below a major resistance line and Fib 38.2 (1.64185), also in the lower tf, 5 min it looks like its forming a double top
Unfortunately, it's my account size that's at fault. Yes, I'm underfunded but them's the breaks for me - it's what i've got, so my MM says my stop is 30 pips and that's what happened. I seriously thought that where I entered was a justified HH .... from support of 6388. So that's my analysis... but i'm a newbie trader... so I'm still learning how to trade my analysis.
Thanks for your opinion though. I may just watch as she breaks 6388.
A pip is only worth it if you know how much you risked to earn it
- #177,566
- Oct 19, 2009 8:52pm Oct 19, 2009 8:52pm
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it
- #177,568
- Oct 19, 2009 9:00pm Oct 19, 2009 9:00pm
Unfortunately, it's my account size that's at fault. Yes, I'm underfunded but them's the breaks for me - it's what i've got, so my MM says my stop is 30 pips and that's what happened. I seriously thought that where I entered was a justified HH .... from support of 6388. So that's my analysis... but i'm a newbie trader... so I'm still learning how to trade my analysis.
As a newbie, here is something that I have been doing with my account and seen success with. Money management is as important, if not more important, then reading the charts. It shouldn't matter about the size of your account, but money management should be one of the pieces you are learning right now as well.
Try doing this. In excel, write down your account size, example $500. Next line down, determine what the appropriate stop loss should be, i.e. how many pips down is a safe stop loss according to the charts. This might be 30 pips, or it might be 70 pips, but it will be based on your charts. Next consider the value of each pip. For example, the GU, each pip is worth 1. Then really ask yourself, how much are you willing to lose on each trade. For example, can you withstand a 2% loss on your total account size? Once you have this you will know how many lots you should play, and if you are stopped out, what your risk is.
For example, with a $500 account, assume based on your charts that a safe stop loss is 50 pips away, and at a value of 1 pip with a max risk of 2% of your account, or $10, the max number of lots you should play is 2 micro mini lots. No more, as this will exceed your max loss. This way your target price should be at least 50 pips for a 1:1 risk:reward ratio. If the TP is not 1:1, this trade may be better of on paper rather then with real money
Doing this quick exercise will help you manage your account size, and save you from blowing your account. It might not seem as glamorous now, as you will only be making $10 on a trade, but as you said you are a newbie, so right now is the "time to learn" so that soon, it will be "time to earn!"
Hope this helps!
- #177,569
- Oct 19, 2009 9:04pm Oct 19, 2009 9:04pm
- | Commercial User | Joined Oct 2008 | 5,712 Posts
Last post before going to sleep...
I saw if today close below 1.6370....6220-6128 test is there....
Otherwise if PA break 6430...then north to test at 6525 or even higher to 6725 area on the way...
Trade what ur chart say and not what people say...Good luck
High chances 6520/5 then 6720/5 test this week...
Good luck bull and good luck bear....M5/M15 scalping with 20-30pips would be more advantages atm... Cheers
- #177,570
- Oct 19, 2009 10:27pm Oct 19, 2009 10:27pm
Hey Vlady,
As a newbie, here is something that I have been doing with my account and seen success with....
- #177,574
- Oct 19, 2009 11:29pm Oct 19, 2009 11:29pm
- Joined Mar 2007 | Status: 'sleeping in a dumpster' | 2,151 Posts
Hey Vlady,
As a newbie, here is something that I have been doing with my account and seen success with. Money management is as important, if not more important, then reading the charts. It shouldn't matter about the size of your account, but money management should be one of the pieces you are learning right now as well.
Try doing this. In excel, write down your account size, example $500. Next line down, determine what the appropriate stop loss should be, i.e. how many pips down is a safe stop loss according to the charts. This might...
Dr. D.
- #177,575
- Oct 19, 2009 11:29pm Oct 19, 2009 11:29pm
- | Commercial User | Joined Feb 2008 | 1,440 Posts
- #177,577
- Oct 19, 2009 11:35pm Oct 19, 2009 11:35pm
IMO, sell high and buy low is very dangerous. I never do that again because that style often give me losing trade. I don't know why, i think market has change. Buy high and sell low is more profitable and always give me profit trade
i'm short,dont know why all long.
i thought always sell high buy low ?¿?
I wish a great day.
- #177,578
- Oct 20, 2009 12:35am Oct 20, 2009 12:35am
- | Joined Sep 2009 | Status: it's not a bug, it's a feature | 170 Posts
IMO, sell high and buy low is very dangerous. I never do that again because that style often give me losing trade. I don't know why, i think market has change. Buy high and sell low is more profitable and always give me profit trade
In few hours i will see what happend.
- #177,579
- Oct 20, 2009 12:38am Oct 20, 2009 12:38am
- Joined Apr 2008 | Status: Trader | 7,674 Posts
i'm short,dont know why all long.
i thought always sell high buy low ?¿?
I wish a great day.
