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Cable Update (GBPUSD)

  • #191,361
  • Jan 7, 2010 9:12pm Jan 7, 2010 9:12pm
Quoting Magix
Givens how you never mentioned a stop loss...and being how we have lost support on the 30m chart...what is your exit strategy if this continues downward?
I've always wondered why everyone goes with a stop loss? I was under the use impression a stop loss was for catastrophic reasons such as power loss, Internet goes down, pc explodes, etc. Is it that you're using non hedging brokers? Being this close to a bottom or perceived bottom would be the ideal place for the use of one in place of a stop loss that way you don't lose your money and just use it to lock down your margin until the trade reverses back your way.
It's Easy To Get In;.. It's Hard To Get Out
  • #191,362
  • Jan 7, 2010 9:22pm Jan 7, 2010 9:22pm
Quoting John D
I've always wondered why everyone goes with a "stop loss" I was under the use impression a stop loss was for catastrophic reasons such as power loss, Internet goes down, pc explodes, etc. Is it that you're using non hedging brokers? Being this close to a bottom or perceived bottom would be the ideal place for the use of one in place of a stop loss that way you don't lose your money and just use it to lock down your margin until the trade reverses back your way.
Really...we are that close to bottom/perceived bottom?

w0w...I was under the impression that we still have some ways to go down, but that is just what my charts say.

Hedging...I have tried that, and have watched as others have tried the same...I am sure that there are some that work fantastically with hedged trades, I however, have never been one of them, and can't honestly say that I have met anybody to claim any sort of success with that strategy...

A hold from almost any position can be profitable some day, but having been around the forums for some time, I can say that there are a lot more that will blow accounts waiting for a trade to come back then will prosper by getting on the correct side of the trade. Not really just me that sees this either.

In the last 6 months, we have had like 2 or 3 traders talk the end of days based on "I waited and it never came back" losing MAD cash...

I am gunna go generally speaking, and talk money management.

For folks that have some degree of charting ability...
Have an exit before you enter planned...and really, use a chart for this.
Have an exit if the trade goes against you...same thing.
Using Stop losses is to your advantage, 2-300 pip slides are really not a lot of fun.

But then again..this is just my idea.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,363
  • Jan 7, 2010 9:34pm Jan 7, 2010 9:34pm
OK then lock down your trade with a hedge where would have placed a SL and then continue to trade without worrying about said trade. Hell if you're locked down in a 30 pip hedge I would think at some point you could make that back within the day then close the hedge out without a loss. See my point? There's more than one way to skin a frog.





Quoting Magix
Really...we are that close to bottom/perceived bottom?

w0w...I was under the impression that we still have some ways to go down, but that is just what my charts say.

Hedging...I have tried that, and have watched as others have tried the same...I am sure that there are some that work fantastically with hedged trades, I however, have never been one of them, and can't honestly say that I have met anybody to claim any sort of success with that strategy...

A hold from almost any position can be profitable some day, but having been around the forums...
It's Easy To Get In;.. It's Hard To Get Out
  • #191,364
  • Jan 7, 2010 9:35pm Jan 7, 2010 9:35pm
Quoting John D
OK then lock down your trade with a hedge where would have placed a SL and then continue to trade without worrying about said trade. Hell if you're locked down in a 30 pip hedge I would think at some point you could make that back within the day then close the hedge out without a loss. See my point? There's more than one way to skin a frog.
Nah.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,365
  • Jan 7, 2010 9:42pm Jan 7, 2010 9:42pm
Quoting Magix
Really...we are that close to bottom/perceived bottom?

w0w...I was under the impression that we still have some ways to go down, but that is just what my charts say.

Hedging...I have tried that, and have watched as others have tried the same...I am sure that there are some that work fantastically with hedged trades, I however, have never been one of them, and can't honestly say that I have met anybody to claim any sort of success with that strategy...

A hold from almost any position can be profitable some day, but having been around the...
i agree with magix
  • #191,366
  • Edited 10:11pm Jan 7, 2010 10:00pm | Edited 10:11pm
Quoting Liquid
I'm with you. I think we will see the downtrend continue possibly to around the 1.5533 area before we see any real retrace on the daily TF. But there are a few levels of support before the 1.5533 level that price could find buyers at.
Hello! please, what is your view? what is low level price Today ?
  • #191,367
  • Jan 7, 2010 10:00pm Jan 7, 2010 10:00pm
Quoting piyeree
i agree with magix
me too
  • #191,368
  • Jan 7, 2010 10:02pm Jan 7, 2010 10:02pm
Quoting Magix
Nah.
Oh well. I was just pointing out there is an alternative to handing over your money to the counterparty if you miscalculated your trade.

Just my two cents worth.

Trade to trade well

It's Easy To Get In;.. It's Hard To Get Out
  • #191,369
  • Jan 7, 2010 10:08pm Jan 7, 2010 10:08pm
Quoting John D
Oh well. I was just pointing out there is an alternative to handing over your money to the counterparty if you miscalculated your trade.

Just my two cents worth.

Trade to trade well

Agreed...there is more then one way to skin a frog so to speak....

But, on the other side of things...your gunna lose spread anyways on a hedge...so, if you miscalculated, why not exit...save the wonder as to where to exit the hedge and what side...and take entry on either the current trend or wait for a better entry on the same trade....

I trade rather tight, and use very specific criteria. If the fit hits the shan so to speak, I pick no bones. I am outa there.

Trade skills what they are, and as many trade set ups in a week as you can find, hedging for me, really of no use.

But, I do appreciate your offerings of the other side of the coin.

Thanks for the input

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,370
  • Jan 7, 2010 10:40pm Jan 7, 2010 10:40pm
My chart says that if market closes this hour above Red trend line (1.5946) then GBP/USD may go up till Green trend line (1.6019).

For downward move we need a clear break below 1.5911
Attached Image (click to enlarge)
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Don't tell me how much you can earn. Tell me how much you may lose..
  • #191,371
  • Jan 7, 2010 10:45pm Jan 7, 2010 10:45pm
According to FF Calendar Non-Farm Employment Change.. Previous = -11k Forecast = -3k what will happen if [ -11k < actual < -3k ] ?
Patience + Discipline =
  • #191,372
  • Jan 7, 2010 10:57pm Jan 7, 2010 10:57pm
Quoting Jemmy
According to FF Calendar Non-Farm Employment Change.. Previous = -11k Forecast = -3k what will happen if [ -11k < actual < -3k ] ?
Cable will go up
Don't tell me how much you can earn. Tell me how much you may lose..
  • #191,373
  • Jan 7, 2010 10:59pm Jan 7, 2010 10:59pm
HI all, stopped in to see what you were all thinking. I currently have a long position open, so we shall see.

Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 23 KB
"Keep your eyes on the helpers" - Mr. Rogers
  • #191,374
  • Jan 7, 2010 11:17pm Jan 7, 2010 11:17pm
Looks like 1.5900 has formed a solid base, am reverting to long....
Attached Image (click to enlarge)
Click to Enlarge Name: Cable.JPG Size: 121 KB
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #191,375
  • Jan 7, 2010 11:29pm Jan 7, 2010 11:29pm
Quoting Bull_Bear
Looks like 1.5900 has formed a solid base, am reverting to long....
Welcome back, hope you had a good holidays.
  • #191,376
  • Jan 7, 2010 11:37pm Jan 7, 2010 11:37pm
Quoting sinner-
Welcome back, hope you had a good holidays.
A well deserved break Sinner .... Thx mate

Have a good one mate
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #191,377
  • Jan 7, 2010 11:41pm Jan 7, 2010 11:41pm
Good morning everyone cable going up
  • #191,378
  • Jan 7, 2010 11:42pm Jan 7, 2010 11:42pm
Quoting Bull_Bear
Looks like 1.5900 has formed a solid base, am reverting to long....
Hi BB, hope u had a good one. Lets catch lots of pips this year. I agree with you. My 1st trade of the year - I entered long at 1.5938 SL 1.5870 TP1= 1.6006 TP2= 1.6074 and TP3=1.6142 (When 1st TP hit I move my SL to entry etc) Go the pound!
May the forex be with you |
  • #191,379
  • Jan 7, 2010 11:47pm Jan 7, 2010 11:47pm
Quoting dil
Good morning everyone cable going up
Good afternoon dil, do you think cable will make major move before NFP news?
Patience + Discipline =
  • #191,380
  • Jan 7, 2010 11:50pm Jan 7, 2010 11:50pm
Had the daily pivot point as 1.5946...took the sell...will add on confirmation.
Attached Image
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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