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Cable Update (GBPUSD)

  • #189,361
  • Dec 24, 2009 9:58am Dec 24, 2009 9:58am
USD gaing strength across all the pairs, USDJPY heading to the high and likely to break it soon...nothing is changed, everything going back were it was going 3 days ago.

chart is daily.
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"Hate the sin, love the sinner." - Gandhi
  • #189,362
  • Dec 24, 2009 10:03am Dec 24, 2009 10:03am
going down
  • #189,363
  • Dec 24, 2009 10:03am Dec 24, 2009 10:03am
In my opinion (and I am not suggesting that anyone change what they are doing) the use of stops should be used to carry out a trading plan and not for risk control. THIS IS A GENERALIZED STATEMENT. You need to look into yourself for the truth.

My position management is carried out at time with stops - because I like to sleep once in awhile.

My risk control is done with my cash management - meaning the capital allocated to a trade. The size of and number of positions that make up a trade.

I see people using stops like a fix for a dope addict. No longer do they need to be sure about a trade, they just go for it and if wrong, the stop will take them out. I just don't get it. I don't see how one can know that given a certain volatility based on whatever (I say whatever because nothing means anything - its a huge manipulation) that 30 pips is the limit or make that 50 pips.

Although not for me, I could begin to get my head around a person evaluating a position based on the current conditions and determining a max loss level based on a chart. Its support, resistance or something that had a rational connection other than the dollar amount.

I have found after many many thousands of trades that when I pick a financial instrument to trade, I am married to it, until I file for divorce! I am in it 100% of the time long, short and both. I have trades that have been open for minutes and have some that I carry for months. I work through my difficulties because it forces me to become a better manager or my positions, my risk and my cash. Again, I have found this works for me over the long haul.

An early Xmas present.
BR
  • #189,364
  • Dec 24, 2009 10:07am Dec 24, 2009 10:07am
Quoting Big1red9
In my opinion (and I am not suggesting that anyone change what they are doing) the use of stops should be used to carry out a trading plan and not for risk control. THIS IS A GENERALIZED STATEMENT. You need to look into yourself for the truth.

My position management is carried out at time with stops - because I like to sleep once in awhile.

My risk control is done with my cash management - meaning the capital allocated to a trade. The size of and number of positions that make up a trade.

I see people using stops like a fix for a dope addict....

All perspective...

Married until divorce goes a long with a saying that was introduced to me at my birth in the forex market...

"Something is right, until not right anymore".

Best of the holidays to ya Red, look forward to chatting with you in the New Year!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #189,365
  • Dec 24, 2009 10:07am Dec 24, 2009 10:07am
Original Post
http://www.forexfactory.com/showthre...31#post3325131

I expected it 17 hours ago.
but I can't manipulate it because of a busy day at work.

Pervious chart.

Current Chart.
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  • #189,366
  • Dec 24, 2009 10:11am Dec 24, 2009 10:11am
So, did we get close enough to the bottom of the channel right here? That's what I'm pondering right now. The trend is definitely down I'm just trying to decide if I should take profit and have good Holiday with no positions on or let it ride.


Quoting malcolmb14
7 hours to rise 40 pip

30 min to drop 50 pip

would you rather be buying dips or selling rallies ? . I am not trading till next week other than a 2week euro sell I have ....

but for me i would rather be selling all rallies ....

there was bit of volume of the upper value area yesterday 1.5964 , but once under this likely gu will test channel bottom

as mentioned earlier gu is channel play 6020 to 5920



Attachment
  • #189,367
  • Dec 24, 2009 10:12am Dec 24, 2009 10:12am
Thinking
1.5907 to 1.5900 is the ultimate low for the day.
  • #189,368
  • Dec 24, 2009 10:14am Dec 24, 2009 10:14am
Nice post ..... and one that all traders of every level could learn from

Quoting Big1red9
I have been trading for more than 20 years on a professional level. My result have been audited and published. That does not mean I am perfect, know all or seen everything. But it does mean that I have a lot of experience, made more mistakes than most and have taken 6 figure hits.

It is very common on this thread and others like, for the terms trend, retrace and reversal to be tossed around with an expectation of a result. What is missing from many (not all) in the evaluation is a degree of probability. The number of bars I am using are only for...
Blogging daily now at www.volume.zone
  • #189,369
  • Dec 24, 2009 10:16am Dec 24, 2009 10:16am
Quoting Leche Mocha
So, did we get close enough to the bottom of the channel right here? That's what I'm pondering right now. The trend is definitely down I'm just trying to decide if I should take profit and have good Holiday with no positions on or let it ride.
If you are on green. just close everything. its better to deal with everything before the holiday. THe movement will be very2 slow. you can start over again after the holiday is over. BTW. its up to u after all.
  • #189,370
  • Dec 24, 2009 10:19am Dec 24, 2009 10:19am
mloistianto, good advice. Happy Holidays to everyone.

Quoting mloistianto
If you are on green. just close everything. its better to deal with everything before the holiday. THe movement will be very2 slow. you can start over again after the holiday is over. BTW. its up to u after all.
  • #189,371
  • Dec 24, 2009 10:22am Dec 24, 2009 10:22am
malc do you think we will reach 1.57 ?
  • #189,372
  • Dec 24, 2009 10:24am Dec 24, 2009 10:24am
The market knows you. It is designed to move your cash to the house. They are a patient lot. Weeks, months even years are fine, so long as they win.

A chart is like the neon lights of vegas. In hindsight you will always justify an action or see your mistake. It will lull you into making a slight change to a MA so that in the future, it will work. No different than a different slot, table or casino is going to bring you the luck you need.

They know you can curve fit anything to make it look like it would have worked in the past. They provide these tools free (A CLUE). They also know you will make deal after deal with yourself, you will be drawn into the justification of what you see, working out and that EVEN IF they gave you a working, money making method - most will not follow it.

Ask yourself how does the house play the game? How does a market maker or a specialist work? Every moment of everyday they are either selling to you or buying from you. They move themselves into a contra position based the trend and the inventory they need to move. They can't pick and choose these missions, but they can and do manage them. From what I know they do a good job of that, making fortunes.

The most wonderful thing about the markets is that you too can join the house and bet with them!

Take care,
BR
  • #189,373
  • Dec 24, 2009 10:29am Dec 24, 2009 10:29am
For those that have the need.

I am willing to play broker and take any trade on good for the 24 hours the market is closed. 10 pip spread. Positions must be closed prior Mondays open. Email me for wire instructions.

BR



Quoting malcolmb14
G ...

tomorrow is xmas .

Do not worry if your chart does not move all day as you stare at it and you wonder why range is 1 pip all day. You are not going mad . The market is closed.

Have a good Xmas
  • #189,374
  • Dec 24, 2009 10:34am Dec 24, 2009 10:34am
[quote=Big1red9;3326184]I have been trading for more than 20 years on a professional level. My result have been audited and published. That does not mean I am perfect, know all or seen everything. But it does mean that I have a lot of experience, made more mistakes than most and have taken 6 figure hits.

"DittO" ... -minus the 20 year's experiance!
Several Years for me, just makes you confident of keeping
the fact it's those burnt hands, fingers, limbs, conscience
That Leave such an indellible pain, You Have Got to trade correct.
-Not just a guess, or a whim. You just work your edges, as wisely.
As you can.

VERY good post Big Red 1. I'm working this year,
into next with consistent, competant -albeit small wins,
One step, -One Chunk at a time.
Again, Super Great Post Big Red, Thank You for all.

Merry Christmas
& 'Happy New Year to All,
Terrapin Pipper,

Jeff !
I will work to Objectively Identify my Edges
  • #189,375
  • Dec 24, 2009 10:50am Dec 24, 2009 10:50am
And 'Happy New Year,

Big Red reminds me of the...
"Let's go Long on GBP/JPY" @241 day's" !

Thanks For all your support & wisdom & honesty,
Here in the Forum Malcomb,

Jeff

Quoting malcolmb14
Nice post ..... and one that all traders of every level could learn from
I will work to Objectively Identify my Edges
  • #189,376
  • Dec 24, 2009 10:59am Dec 24, 2009 10:59am
Quoting Jemmy
if 5940 broken, we are going down to 58xx..maybe i am wrong

5947..pending order sell @5930 SL=5950 TP=5890
order was hit..
5940..entry=5930 SL=5950 TP=5890..
Patience + Discipline =
  • #189,377
  • Dec 24, 2009 11:00am Dec 24, 2009 11:00am
HOLIDAY TRADING..
Caution..

I'm not a pro so i dont take my trading vacation in this holiday. LOL. take small lot to long from 1.5935.. WIll take it over the holiday. with sl 1.5900. tight stop. but i dont think my stop will be hit. will play the range.this is the bottom. my tp is around 1.6000 if broke u know what next. Good luck people..
  • #189,378
  • Dec 24, 2009 11:02am Dec 24, 2009 11:02am
Quoting Jemmy
order was hit..
5940..entry=5930 SL=5950 TP=5890..
I dont comment on daily basis trading. but this is near over. u open a trade in the bottom of the range. i dont know what were u thinking. but its not very nice. Good luck to u though.
  • #189,379
  • Edited 11:28am Dec 24, 2009 11:03am | Edited 11:28am
My plan during christmas session is based on 4 level. 1.5928, 1.5956, 15996 and 1.6022. May long or short but I prefer like go short when touches those level. I got success short at that level since yesterday, the last short all closed at 1.5930 ! Seems like difficult moves beyond 1.5928 - 1.6022 (H1/H4 close/open) !
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #189,380
  • Dec 24, 2009 11:05am Dec 24, 2009 11:05am
Quoting Jemmy
5976...floating +150pips, 256pips to go (entry=6126, SL=6385, TP=5720)

bad progress for today..

time to sleep..see you tomorrow..
5945 floating +181pips, 225pips to go (entry=6126, SL=6045, TP=5720)
better than yesterday..

MERRY CHRISTMAS EVERYONE, MAY GOD BLESS ALL OF US..
Patience + Discipline =
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