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Cable Update (GBPUSD)

  • #191,401
  • Jan 7, 2010 10:45pm Jan 7, 2010 10:45pm
Quoting JanPoko
I think I could hardly disagree more!
If you cannot sustain 300 pip draw down then don't talk money management.

Forex is 90% about SL hunting!!!

Naturally, planned exit is a must but to anounce your aim to your broker in advance, ugh.

For disasters, like net or platform black-out, you should have phone number ready and for normal run, the mental SL is the right solution.

Some years ago, I was also using SLs as a normal practise to place orders. I started to be profitable regularly only after I realized this mistake.
I have met a handful of very successful forex traders (big dogs) over the past five years and not one of them used SLs .
  • #191,402
  • Jan 7, 2010 10:46pm Jan 7, 2010 10:46pm
Take a look at this chart. The blue X's on top are stopping volume and have picked the tops of this down move pretty good. Just gave another one. Will look for one more spike up to enter short.
Attached Image (click to enlarge)
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  • #191,403
  • Jan 7, 2010 10:46pm Jan 7, 2010 10:46pm
UP ....
  • #191,404
  • Jan 7, 2010 10:50pm Jan 7, 2010 10:50pm
1.5960 is about the area of the M5 200MA, that is why it struggle to break it earlier. Wish I saw that earlier, Would have gotten out and then re-entered lower.
"Keep your eyes on the helpers" - Mr. Rogers
  • #191,405
  • Jan 7, 2010 10:51pm Jan 7, 2010 10:51pm
Quoting JanPoko
I think I could hardly disagree more!
If you cannot sustain 300 pip draw down then don't talk money management.

Forex is 90% about SL hunting!!!

Naturally, planned exit is a must but to anounce your aim to your broker in advance, ugh.

For disasters, like net or platform black-out, you should have phone number ready and for normal run, the mental SL is the right solution.

Some years ago, I was also using SLs as a normal practise to place orders. I started to be profitable regularly only after I realized this mistake.
this is the hardest truth i have ever heared on this forum. i have never been a fan of stop loss ryt from when i started trading, so got my self blown up several time trying to control myself and close a bad trade manually. i had to figure out hw to control myself and use naturall stop loss cos i have realized from the past that its the only thing that can survive u from stop loss hunting especially if ur stop loss is where the big money is.
if u wanna be successfull earlier than u expect then this the way to go but u have to keep strict rule.
i can be wrong cos i have wrong for so many times but i think i have earned my saying cos i have there and that
  • #191,406
  • Jan 7, 2010 10:51pm Jan 7, 2010 10:51pm
Quoting Ctic
BT,

This here is critical spot, we have been going sideways for 24 hours now. I would wait for confirmation before you really do anything. In the meantime play the channel. At the way top of this sideways channel play it down, at the bottom play it up, BUT keep very tight stoplosses. May break channel tonight, may not. Possible doji for daily candle. Possible morning star forming? who knows we will see.
Thanks Ctic for your advice.
on my charts the price has just bounced off LTL (equidistand & Fibo channels).
and the top of the channel is 1.6104.
mmmmmm I'm confused.

Thanks you anyway & good luck
  • #191,407
  • Jan 7, 2010 10:51pm Jan 7, 2010 10:51pm
Quoting damonl
1.5960 is about the area of the M5 200MA, that is why it struggle to break it earlier. Wish I saw that earlier, Would have gotten out and then re-entered lower.
==> coz 5961 daily pivot
  • #191,408
  • Jan 7, 2010 10:52pm Jan 7, 2010 10:52pm
Flat top and rising bottoms = Ascending triangle = more likely to break to the upside.
Never Ever Give Up!
  • #191,409
  • Jan 7, 2010 10:54pm Jan 7, 2010 10:54pm
Quoting damonl
1.5960 is about the area of the M5 200MA, that is why it struggle to break it earlier. Wish I saw that earlier, Would have gotten out and then re-entered lower.
You mean 1.5960 is about area of the m15 200EMA?
Attached Image (click to enlarge)
Click to Enlarge Name: 200.GIF Size: 33 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,410
  • Jan 7, 2010 10:55pm Jan 7, 2010 10:55pm
It all depends on what your trading and the 300 pip draw down has nothing to do with money management.

If you are a scalper trading off the 5 minute chart, 300 pips is a ton. Considering that the 5 minute scalper can typically only pull on avg 5 to 20 pips per trade. Why would you want to sustain a 300 pip draw down to make 15 pips. However if you are playing the daily chart then you need at least 300 if not more. The higher the timeframe the more the dreaw down you need to be able to substain.

As for the stop loss huntings do not blame your broker unless you have a very shitty broker. The more reputable ones I have never had a problem with. If you stop losses are being taken out you can only blame yourself. That is what supports and resistances are for. You set them beyond your calculated support and resistance. If you set them to close to it or on it, I promise you it will be hit every time.

This is just my opinion, but hey opinions are like aholes, we all have one.

Quoting JanPoko
I think I could hardly disagree more!
If you cannot sustain 300 pip draw down then don't talk money management.

Forex is 90% about SL hunting!!!

Naturally, planned exit is a must but to anounce your aim to your broker in advance, ugh.

For disasters, like net or platform black-out, you should have phone number ready and for normal run, the mental SL is the right solution.

Some years ago, I was also using SLs as a normal practise to place orders. I started to be profitable regularly only after I realized this mistake.
  • #191,411
  • Jan 7, 2010 10:56pm Jan 7, 2010 10:56pm
Quoting EliteFX
Cable will go up
agree
  • #191,412
  • Jan 7, 2010 10:56pm Jan 7, 2010 10:56pm
any one trading in crude oil???
  • #191,413
  • Jan 7, 2010 10:57pm Jan 7, 2010 10:57pm
Quoting Cobra
Flat top and rising bottoms = Ascending triangle = more likely to break to the upside.

agree
  • #191,414
  • Jan 7, 2010 10:57pm Jan 7, 2010 10:57pm
I wanna enter the long entry but the 5960 200MA is so heavily break

and it might be down too so, i just wait
Attached Image (click to enlarge)
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Guide me please
  • #191,415
  • Jan 7, 2010 10:59pm Jan 7, 2010 10:59pm
Quoting Magix
You mean 1.5960 is about area of the m15 200EMA?

Could be I have the 200 SMA on 5 Min at 1.5956, right where the last move up bounced from.
"Keep your eyes on the helpers" - Mr. Rogers
  • #191,416
  • Jan 7, 2010 11:00pm Jan 7, 2010 11:00pm
LOL...

I don't think anybody knows where this bitch is going.

I still have no confirmation, but hourly is coming close...

Failure to break support on the hourly...and she pops back up, and I join in with the longs.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,417
  • Jan 7, 2010 11:01pm Jan 7, 2010 11:01pm
Quoting Cobra
Flat top and rising bottoms = Ascending triangle = more likely to break to the upside.
Not necessarily. Need to wait and see the confirmation. This is real flat. Anticipation is the mother of all f' ups.
  • #191,418
  • Jan 7, 2010 11:01pm Jan 7, 2010 11:01pm
Im short from 9492.....looking good so far
  • #191,419
  • Jan 7, 2010 11:05pm Jan 7, 2010 11:05pm
Start January 4th, 2010 Market Opened, GU experienced only a SHORT Movement than Last year ...

And Today more than 12 hours, Highest Price to Lowest Price only 42 pips.
Extra ordinary events.

If it's like walking continuously, we will change the word :
Happy Trading to Blizzard Trading !
Always looking the GREAT, never left GOOD Point...
  • #191,420
  • Jan 7, 2010 11:06pm Jan 7, 2010 11:06pm
More than likely it will probably range til NFP and then move opposite the outcome of the news
"Keep your eyes on the helpers" - Mr. Rogers
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