now it's the time to go uper
Cable Update (GBPUSD)
- #226,022
- May 12, 2010 8:02am May 12, 2010 8:02am
- | Joined Jun 2007 | Status: Still Learning :) | 1,203 Posts
- #226,024
- May 12, 2010 8:05am May 12, 2010 8:05am
- Joined Mar 2009 | Status: FX | 3,789 Posts
Veni, Vidi, Vici (We came, we saw, we conquered)
- #226,027
- May 12, 2010 8:23am May 12, 2010 8:23am
- | Joined Apr 2010 | Status: In the red, aiming for the green! | 285 Posts
The run south hasn't finished yet.
I'm down enough on my long now that an extra few pips wont matter so I'm going to be stupid, hang on and see if we can break back above DP which it seems to be trying to do..........
To late SL hit, what an amazing day. Clearly I should pack up and go home, from +70 to -130 pips today. IDIOT!
Back to basics, it has to be for me!
- #226,028
- May 12, 2010 8:32am May 12, 2010 8:32am
- Joined Oct 2009 | Status: Trader | 15,211 Posts
Now I'm worried, you say that and Bull Bear closes trades too
I'm down enough on my long now that an extra few pips wont matter so I'm going to be stupid, hang on and see if we can break back above DP which it seems to be trying to do..........
To late SL hit, what an amazing day. Clearly I should pack up and go home, from +70 to -130 pips today. IDIOT!
A cable trading day can be broken down in simple parts, we have a move on London Open, followed by a retrace (unless there is news and we have a continuation), we then have NY trying to set either a higher high or a lower low and a retrace during Tokyo.
Now all you need to do is find that part of the trading day and the direction it is taking place in. You also need to identify whether a particular day is going to follow the norm or not.
Once you got that sorted, you need to look for exits and entries using whatever technique you prefer, not overlooking ma's and SR's.
All this goes out of the water during extraordinary events, but it is a basic outlook of a day that has served me well over the years.
- #226,029
- May 12, 2010 8:35am May 12, 2010 8:35am
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
200ma on m15 now providing resistance. 1st target 14855, 2nd target ltl on Nene's chart!
- #226,030
- May 12, 2010 8:36am May 12, 2010 8:36am
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
A cable trading day can be broken down in simple parts, we have a move on London Open, followed by a retrace (unless there is news and we have a continuation), we then have NY trying to set either a higher high or a lower low and a retrace during Tokyo.
Now all you need to do is find that part of the trading day and the direction it is taking place in. You also need to identify whether a particular day is going to follow the norm or not.
Once you got that sorted, you need to look for exits and entries using whatever technique you prefer, not...
If I could give you another vouch, I would - #226,031
- May 12, 2010 8:43am May 12, 2010 8:43am
A cable trading day can be broken down in simple parts, we have a move on London Open, followed by a retrace (unless there is news and we have a continuation), we then have NY trying to set either a higher high or a lower low and a retrace during Tokyo.
Now all you need to do is find that part of the trading day and the direction it is taking place in. You also need to identify whether a particular day is going to follow the norm or not.
Once you got that sorted, you need to look for exits and entries using whatever technique you prefer, not...
Very good explanation
, worth to bookmark !
- #226,032
- May 12, 2010 8:44am May 12, 2010 8:44am
- Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts
3rd target Digger's L4 @14793
nothing in the way
- #226,033
- May 12, 2010 8:47am May 12, 2010 8:47am
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
Now I'm worried, you say that and Bull Bear closes trades too
I'm down enough on my long now that an extra few pips wont matter so I'm going to be stupid, hang on and see if we can break back above DP which it seems to be trying to do..........
To late SL hit, what an amazing day. Clearly I should pack up and go home, from +70 to -130 pips today. IDIOT!
Don't give up... it takes time to learn! During this time use Demo or Micro, preferably Micro (that is from 1 cent per pip!)
- #226,034
- May 12, 2010 8:48am May 12, 2010 8:48am
- Joined Nov 2009 | Status: voodoo boodoo hit man | 17,076 Posts
me too he is
too darn good
- #226,035
- May 12, 2010 8:53am May 12, 2010 8:53am
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
nothing in the way
Still lets see what happens!
- #226,037
- May 12, 2010 8:53am May 12, 2010 8:53am
- | Joined Apr 2010 | Status: In the red, aiming for the green! | 285 Posts
A cable trading day can be broken down in simple parts, we have a move on London Open, followed by a retrace (unless there is news and we have a continuation), we then have NY trying to set either a higher high or a lower low and a retrace during Tokyo.
Now all you need to do is find that part of the trading day and the direction it is taking place in. You also need to identify whether a particular day is going to follow the norm or not.
Once you got that sorted, you need to look for exits and entries using whatever technique you prefer, not...
Thanks again.It the entry/exits I have issues with I think mainly, seem to get in at exactly the wrong point usually, i.e. it reverses or doesnt run much further. More re-work required and re-reading I think.
I've suffered from the few more pips mentality too which is tied into the above which has turned a +10 into a -30 frequently because I hung on too long for the extra bit which never arrived. Only when I get to at least +10 I can usually set my SL to BE but I usually wait until about +20 to do that so I dont miss out on a dip down and back.
So basically, entry/exit is my main problem, usually in going the right way, but for not long enough that I cash in and wait too long for +ve pips!
Back to the beginning, again.
Sheesh, anyone wanna train me, you can have half my pips profit!
Back to basics, it has to be for me!
- #226,038
- May 12, 2010 8:55am May 12, 2010 8:55am
- Joined Oct 2009 | Status: Trader | 15,211 Posts
It the entry/exits I have issues with I think mainly, seem to get in at exactly the wrong point usually, i.e. it reverses or doesnt run much further. More re-work required and re-reading I think.
I've suffered from the few more pips mentality too which is tied into the above which has turned a +10 into a -30 frequently because I hung on too long for the extra bit which never arrived. Only when I get to at least +10 I can usually set my SL to BE but I usually wait until about +20 to do that so I dont miss out on a dip...
Start at Magix's thread, you can't do much wrong using some of his techniques as a starting point. Also find a London Breakout plan you like as there is always a move there.
A cable trading day can be broken down in simple parts, we have a move on London Open, followed by a retrace (unless there is news and we have a continuation), we then have NY trying to set either a higher high or a lower low and a retrace during Tokyo.
Now all you need to do is find that part of the trading day and the direction it is taking place in. You also need to identify whether a particular day is going to follow the norm or not.
Once you got that sorted, you need to look for exits and entries using whatever technique you prefer, not...
Seriously man
- #226,040
- May 12, 2010 9:06am May 12, 2010 9:06am
- | Joined Apr 2010 | Status: In the red, aiming for the green! | 285 Posts
Also don't forget Magix's 24ma crossing of the 200ma on m5 as an indication of the reversal. It happened today just before the big drop!
Don't give up... it takes time to learn! During this time use Demo or Micro, preferably Micro (that is from 1 cent per pip!)
Yes, need to stop denting my IG account! Took out a chunk this morning, partly due to not being able to close the big drop, that cost me 40 points as I kept trying to close it and it wouldnt!
Back to basics, it has to be for me!