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Cable Update (GBPUSD)

  • #227,521
  • May 19, 2010 2:13am May 19, 2010 2:13am
Quoting forexlion
Malcolm stop selling million $ lots, you freaked me with that spike
yeah he probably meant to hit "M" and accidentally hit "B"..lol. then had to close real quick hence the quick retrace..lol
  • #227,522
  • May 19, 2010 2:13am May 19, 2010 2:13am
GBP is waiting for the other US pairs to catch up before going short
  • #227,523
  • May 19, 2010 2:13am May 19, 2010 2:13am
1.4343 in play may spike up may spike down from here !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #227,524
  • May 19, 2010 2:15am May 19, 2010 2:15am
Quoting nahman
I see another long opportunity due to morning doji pattern on 2h chart. That is if it closes around this price in 12 mins. Tp would be between 40-70 pips.
Toot toot out with 60 pips. Eat my wang.
  • #227,525
  • May 19, 2010 2:17am May 19, 2010 2:17am
I expect a creep/spike up before it goes short
  • #227,526
  • May 19, 2010 2:34am May 19, 2010 2:34am
On the the 7th of May, in the morning I shorted Eur/Jpy at 114.66 in my live account only for the market to go north against me by over 100 pips in hours; foolishly I did not close the trade. At the close of the US session on this same Friday I was having a drawdown of 187 pips. I refused to close it believing that It will come back. By Monday open.

I crowned my foolishly by leaving the trade for the weekend. I returned the noon of the following Monday to see that the market opened with a gap northward, I now have a drawdown of over 500 pips. I did not close it again.

I had to close it with a loss of 668 pips (I LOST 58% OF MY ACCOUNT). By God’s grace yesterday I have gotten back all what I have lost even with more gain. I will never allow such drawdown again. This is big lesson! I thank God.
Attached Image
  • #227,527
  • May 19, 2010 2:44am May 19, 2010 2:44am
Quoting OldReigatian
I wont ever cease to be amazed by fxcm. I just placed a manual buy of GJ at 131.85 and it booked it at 132. I wouldnt mind but the buy price hasnt reached 132 since I placed the booking
err did you even see that 80 pi candle on gu when the liquidity was dried up and then bought ? this is a very volatile market and bid or ask can gap away from you

if you are trading when vix is close to 40 expect some issues like this. It is not your broker it is current market conditions.. If you do not like it do not trade until vix drops back under 25
Blogging daily now at www.volume.zone
  • #227,528
  • May 19, 2010 2:46am May 19, 2010 2:46am
Quoting Magix
As far as clearing the books is concerned....

Everything below the red bar, London hasn't had a chance to play.

No longs, no shorts....

Am thinking that London will want a chance to if nothing else have this as an area to fill...
Hi magix
been backtesting your system over the last weeks on demo to great success!
better than I have been doing with my live account TBH but 1 quick question
What is the significance of the 4MA on your charts?
I have read pretty much most of what you have put together and cant find much referance to it

As for now we seem to be stuck between 55 and 24 on the 30M so i have a bit of time to ask
Cheers
Cats
Trade what you see never what you think!
  • #227,529
  • May 19, 2010 2:53am May 19, 2010 2:53am
yeah that 80 pips round trip in 5 seconds was tripped out

Quoting malcolmb14
err did you even see that 80 pi candle on gu when the liquidity was dried up and then bought ? this is a very volatile market and bid or ask can gap away from you

if you are trading when vix is close to 40 expect some issues like this. It is not your broker it is current market conditions.. If you do not like it do not trade until vix drops back under 25
"The real genius is knowing when to stop." - Marc Faber
  • #227,530
  • May 19, 2010 2:58am May 19, 2010 2:58am
Quoting TheCatsPJs
Hi magix
been backtesting your system over the last weeks on demo to great success!
better than I have been doing with my live account TBH but 1 quick question
What is the significance of the 4MA on your charts?
I have read pretty much most of what you have put together and cant find much referance to it

As for now we seem to be stuck between 55 and 24 on the 30M so i have a bit of time to ask
Cheers
Cats
The 4SMA on the simplex.tpl is a tracer, something left over from many charts modified over the time. I left it on the template because when I am using the same, I will have my 4 charts loaded and change the 4 to the 24 from the following time frame. In the event I need to maximize the chart, I can still see the following time frames support/resistance.

So, on a 1m chart, you change it to a 120sma...this will be the 24SMA on the 5m....5x24=120.
5m chart, change to a 72, 15m/5m=3, 3x24=72...
15m and 30m charts you can use a 48....

As I typically only toggle the 30m to an hourly, I just leave it set to 48 and will change this from 30 to hourly as needed.

I have covered this question someplace...but for future reference, if you have questions could you please ask the in the MTF thread, it might help others along the way, as well as keep the Cable thread on track.

Thanks.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #227,531
  • May 19, 2010 2:58am May 19, 2010 2:58am
Quoting malcolmb14
err did you even see that 80 pi candle on gu when the liquidity was dried up and then bought ? this is a very volatile market and bid or ask can gap away from you

if you are trading when vix is close to 40 expect some issues like this. It is not your broker it is current market conditions.. If you do not like it do not trade until vix drops back under 25
what is vix
  • #227,532
  • May 19, 2010 3:12am May 19, 2010 3:12am
Quoting forexlion
what is vix

It's a nasal inhaler, see pic. Warning : Trading whilst high on Vicks decongestant will not necessarily give you green pips, just a green nose.

But really it's the volatility index
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  • #227,533
  • May 19, 2010 3:12am May 19, 2010 3:12am
Quoting uncletrumpet
I had to close it with a loss of 668 pips (I LOST 58% OF MY ACCOUNT). By God’s grace yesterday I have gotten back all what I have lost even with more gain. I will never allow such drawdown again. This is big lesson! I thank God.
I hear that & am very glad you managed to make it back again!! This is still my #1 demon to overcome .. entering trades, not setting stops and then falling into the trap of justifying my reasons to stay in the trade

I can wipe out days of successful trading with ONE day of doing the above. So my rule now is when I enter the trade, I set the stop . if I don't see a technical stop, I use 50 pips for GU, EU and 70 for GY. If it stops out, that forces me to take another look at the charts with a fresh perspective .. instead of finding excuses to justify staying in a losing trade because I hate to be wrong! (see my sig line...)
******************* I'd rather make money than be right.
  • #227,534
  • May 19, 2010 3:26am May 19, 2010 3:26am
Quoting uncletrumpet
On the the 7th of May, in the morning I shorted Eur/Jpy at 114.66 in my live account only for the market to go north against me by over 100 pips in hours; foolishly I did not close the trade. At the close of the US session on this same Friday I was having a drawdown of 187 pips. I refused to close it believing that It will come back. By Monday open.

I crowned my foolishly by leaving the trade for the weekend. I returned the noon of the following Monday to see that the market opened with a gap northward, I now have a drawdown of over 500 pips....
God bless u.
  • #227,535
  • May 19, 2010 3:27am May 19, 2010 3:27am
Quoting 4xStar
I hear that & am very glad you managed to make it back again!!...
Here here!

I managed to lose my safety net a couple of weeks ago on the back of two very successful runs (over confidence and greed took over again stupidly followed by a scrabble to get it back, i.e. make it worse).

Now second guessing everything I do and ended up not trading at all. I see the right trade sometimes but think I'm wrong so dont do it.

Sitting things out now until I have the time to do things properly rather than jumping in here and there which I think was part of the problem.

GL all, I'll be back...
Back to basics, it has to be for me!
  • #227,536
  • May 19, 2010 3:30am May 19, 2010 3:30am
Buy again 1.4270 for 20/30 pips if can, if not close quickly as long as still green !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #227,537
  • May 19, 2010 3:30am May 19, 2010 3:30am
Quoting BadTradingFi
Here here!

I managed to lose my safety net a couple of weeks ago on the back of two very successful runs (over confidence and greed took over again stupidly followed by a scrabble to get it back, i.e. make it worse).

Now second guessing everything I do and ended up not trading at all. I see the right trade sometimes but think I'm wrong so dont do it.

Sitting things out now until I have the time to do things properly rather than jumping in here and there which I think was part of the problem.

GL all, I'll be back...
Perseverance,never give up.
  • #227,538
  • May 19, 2010 3:33am May 19, 2010 3:33am
Quoting manize
Buy again 1.4270 for 20/30 pips if can, if not closed quickly as long as still green !
OK vodooo bodooo + 20 pips !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #227,539
  • May 19, 2010 3:33am May 19, 2010 3:33am
Quoting pepper
Perseverance,never give up.
Oh, I am not giving up!!!

If someone else can do it and make it work, I CAN do it too! Just costing me a few ££ on the way
Back to basics, it has to be for me!
  • #227,540
  • May 19, 2010 3:35am May 19, 2010 3:35am
Quoting BadTradingFi
Oh, I am not giving up!!!

If someone else can do it and make it work, I CAN do it too! Just costing me a few ££ on the way
hahaha, I share your pain brother. I really do
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