I don't like to let it go alot, because many times I can make more pips in and out with little risk rather than setting a 40 or 50 pip SL....
"Keep your eyes on the helpers" - Mr. Rogers
Cable Update (GBPUSD)
- #201,641
- Feb 24, 2010 11:53am Feb 24, 2010 11:53am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
- #201,643
- Feb 24, 2010 12:04pm Feb 24, 2010 12:04pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
- #201,644
- Feb 24, 2010 12:09pm Feb 24, 2010 12:09pm
- Joined Oct 2009 | Status: Trader | 1,342 Posts
I'll leave my office now to back to home.
mmm it takes 2 hours.
I don't know what will happen through these hours.
God Bless me.
Good Luck everyone.
Thanks god
- #201,645
- Feb 24, 2010 12:13pm Feb 24, 2010 12:13pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
- #201,647
- Feb 24, 2010 12:16pm Feb 24, 2010 12:16pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Major trend is down..so i am short..Good.
But if it retraces back to 1.59 to honour fib retracement (from 1.64-1.54), then i will face a 400 pips drawdown.
Market has an ability to punish long term traders who go with major trend.
If anyone has the knowhow of utilising fib retracements/projections, why on earth sit on a 400 pip drawdown? Might as well ride that 400 pip retrace and then ride it back down, if it gets back down.
I've managed to allow myself to take that road once last year when I sold cable from 6420 which fell all the way to 5780. Didn't bank my profit there, locked mine at 5950 & as price climbed back towards 5950 I began adding till 6270. I didn't long there, instead I sat & watched in horror as price crept all the way back to 6420, 65xx and finally 6660.
In the end, I only managed a measly 200 pips out of a possible 1500 pips round trip. That had to go down as the worst trade I've ever made, and it was out of my stupidity to allow trades fly past me as I tried to prove myself right. The saying goes, having to be right makes you obsolete. I agree wholeheartedly.
Thank You 
- #201,648
- Feb 24, 2010 12:17pm Feb 24, 2010 12:17pm
- Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts
10 - 20 pips of profit
my SL is complicated and not used in the traditional sense of a place to close the trade, but I don't have large trades open in the negative....
Best thing is to find what best suits you..remember when price was at 1.6450, I predicted 1.5550 as a low, but I just don't like to trade long term like that..plus when I do I always accidnetally close out my trades while I am adjusting my scalps....LOL, so I just gave it up.
bro i love to hit and run any thing over 10pip i am out no regret u are the hit man not me
- #201,649
- Feb 24, 2010 12:18pm Feb 24, 2010 12:18pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
k..one last song...going to go do the dishes now, but will be back 
Inserted Video
"Keep your eyes on the helpers" - Mr. Rogers
- #201,650
- Feb 24, 2010 12:20pm Feb 24, 2010 12:20pm
- Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts
we are still in that wedge.
if it broken down it will run to 1.49
we need wormy to break the range he is the who hold cable from breaking the darn wedge
- #201,651
- Feb 24, 2010 12:23pm Feb 24, 2010 12:23pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
greeny 2hours bro all the luck
we need wormy to break the range he is the who hold cable from breaking the darn wedge
I'm shorting this pair too!
Thank You
- #201,652
- Feb 24, 2010 12:23pm Feb 24, 2010 12:23pm
- Joined Oct 2009 | Status: Trader | 1,342 Posts
market don't do that to long term traders, more like that trader did it to himself.
If anyone has the knowhow of utilising fib retracements/projections, why on earth sit on a 400 pip drawdown? Might as well ride that 400 pip retrace and then ride it back down, if it gets back down.
.
but i banked my profits @1.5750 and sold again @1.5707
and hold my position till 1.7040.
do you know what I did after that?
I hedged my short position with a long one @1.7040
newbie.
- #201,653
- Feb 24, 2010 12:25pm Feb 24, 2010 12:25pm
- Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts
- #201,655
- Feb 24, 2010 12:30pm Feb 24, 2010 12:30pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
I was in that game with you
but i banked my profits @1.5750 and sold again @1.5707
and hold my position till 1.7040.
do you know what I did after that?
I hedged my short position with a long one @1.7040
newbie.
i think being a new trader you could be forgiven for the ignorance, but I've had 4 years of experience behind me, so what's my excuse for that kinda stupidity?
Moral of the story for me is, don't sit and watch a couple of hundred pips fly away just to see if I can get those levels my charts to work right. It's stupid. 300-400 pips isn't exactly a bag of peanuts.
Thank You
- #201,657
- Feb 24, 2010 12:31pm Feb 24, 2010 12:31pm
- Joined Oct 2009 | Status: Trader | 1,342 Posts
lol hi5!
i think being a new trader you could be forgiven for the ignorance, but I've had 4 years of experience behind me, so what's my excuse for that kinda stupidity?
Moral of the story for me is, don't sit and watch a couple of hundred pips fly away just to see if I can get those levels my charts to work right. It's stupid. 300-400 pips isn't exactly a bag of peanuts.
- #201,658
- Feb 24, 2010 12:31pm Feb 24, 2010 12:31pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Fib retracements/projections....now your talking my language..lol..
Thank You
- #201,659
- Feb 24, 2010 12:35pm Feb 24, 2010 12:35pm
- Joined Oct 2009 | Status: Trader | 1,342 Posts
lol hi5!
i think being a new trader you could be forgiven for the ignorance, but I've had 4 years of experience behind me, so what's my excuse for that kinda stupidity?
Moral of the story for me is, don't sit and watch a couple of hundred pips fly away just to see if I can get those levels my charts to work right. It's stupid. 300-400 pips isn't exactly a bag of peanuts.
4 years!! the way is very long for me.