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Cable Update (GBPUSD)

  • #234,541
  • Jun 29, 2010 7:29pm Jun 29, 2010 7:29pm
I ajusted my lot size making the risk level pretty much the same as if I were just trading my usually level. I usually never have more than 3 open trades at a time,but the way I saw my charts this morning were giving me such good setups I just wen't ahead and pulled the triggers.I even posted the dragon entry. It all ended up being the same earnings profit-wise if I had just placed my usual cable,fibre, and au trades.Put pip-wise is what's causing the sly grin on my face.

My sl is pretty much always 40 pips. My trailing stop is what causing the problems. I found out fast that a sl less than 40 is problematic,espicially with cable.

10% per week.Nice. My goal as of now is 4% per day.As of now I'm at a fourth of that.

Quoting malcolmb14
1st good job ...
2 nd do not forget today was simple .. just press sell stocks , fx , futures you name it just press sell
3rd. You traded how many pairs ? with 10 to 20 pip stop on each ? what if market had not dropped ? what if you got stopped out 6 trades if market went up all your trades would have been stopped out , what total risk on accoutn was this as all trades taken were dependent on stock markets going one way I am guessing. I focus on one to 2 pairs max for 10 % return per week on account. (do not ask the risk i take is insane but the...
  • #234,542
  • Jun 29, 2010 7:32pm Jun 29, 2010 7:32pm
My issue is I only need 100 pip to make 10 % ....vsa rocks so I have have to wait for the very perfect set up .

when fx does not work for me I trade es and stock options. ( much like trading fx... remeber once a 1500 trade made 450 k in a weekend ...lehman went down)

Quoting Ineedpips9
I ajusted my lot size making the risk level pretty much the same as if I were just trading my usually level. I usually never have more than 3 open trades at a time,but the way I saw my charts this morning were giving me such good setups I just wen't ahead and pulled the triggers.I even posted the dragon entry. It all ended up being the same earnings profit-wise if I had just placed my usual cable,fibre, and au trades.Put pip-wise is what's causing the sly grin on my face.

My sl is pretty much always 40 pips. My trailing stop is what causing the...
Blogging daily now at www.volume.zone
  • #234,543
  • Jun 29, 2010 7:33pm Jun 29, 2010 7:33pm
75 sounds like a great day to me,espically on only one trade. Whatever your strategies are (I know you posted one and said you use a few more) they are definitely working.

Quoting Forextrader4
I did pretty good today as well, i took a short on gbp/usd and made a nice 78 pips on it which already took care of my daily quota plus some. This is the only trade i took. Right now just sitting on the side watching the market and analyzing the pairs i like to trade.
  • #234,544
  • Jun 29, 2010 7:38pm Jun 29, 2010 7:38pm
I'm trying to get to the point where I can trade es and options (I still love the pdf on currency options you posted a while back and still loose sleep over how you can make a premium on a trade even if the thing expires without doing anything) but right now it seems I'm a long way away from that.

I remember that weekend well. You give me 450K in one weekend and I'll probably end up on the 6 o'clock news!!!!

Quoting malcolmb14
My issue is I only need 100 pip to make 10 % ....vsa rocks so I have have to wait for the very perfect set up .

when fx does not work for me I trade es and stock options. ( much like trading fx... remeber once a 1500 trade made 450 k in a weekend ...lehman went down)
  • #234,545
  • Jun 29, 2010 7:42pm Jun 29, 2010 7:42pm
I just need a handful of pips weekly for my goals. But hey, if a truckload comes in, that's great.

Just watching Cable right now. Thought I saw a possible short coming, but still wondering. Got a potential signal, but figured I'd wait for more downside to confirm.

Wonder if mass exodus from the stock market will send dollar higher this week.
Only expectation matters . . .
  • #234,546
  • Jun 29, 2010 7:42pm Jun 29, 2010 7:42pm
Quoting Ineedpips9
75 sounds like a great day to me,espically on only one trade. Whatever your strategies are (I know you posted one and said you use a few more) they are definitely working.
Yea i'm very happy with what i do and how i trade the market. I posted the simplest strategy i use to get some really nice trades as long as used right. I use 3 other strategies as well because sometimes what you don't see on one chart you can see on another. Some of my strategies are for 25-30 pips. Some others are for bigger profits 70+ pips like the trade i took today for example "78 pip".
  • #234,547
  • Jun 29, 2010 7:51pm Jun 29, 2010 7:51pm
I used to go for only 20+ pip trades,but this just killed my account,espicially for a newb. I now am loving my goal of setting my tp at 10.I'll say it again, for someone on my level it's alot easier to go for five different 10 pip trades than one 50 pip winner. I stick to cable,aussie and fibre. Dragon was the cause of my first margin call when I first went live.Fun times.

Quoting Forextrader4
Yea i'm very happy with what i do and how i trade the market. I posted the simplest strategy i use to get some really nice trades as long as used right. I use 3 other strategies as well because sometimes what you don't see on one chart you can see on another. Some of my strategies are for 25-30 pips. Some others are for bigger profits 70+ pips like the trade i took today for example "78 pip".
  • #234,548
  • Jun 29, 2010 8:02pm Jun 29, 2010 8:02pm
Quoting Ineedpips9
I used to go for only 20+ pip trades,but this just killed my account,espicially for a newb. I now am loving my goal of setting my tp at 10.I'll say it again, for someone on my level it's alot easier to go for five different 10 pip trades than one 50 pip winner. I stick to cable,aussie and fibre. Dragon was the cause of my first margin call when I first went live.Fun times.
Lol what ever works for you. collecting 10 pips at a time five times is money. As long as you got pips flowing in that's all that matters.
  • #234,549
  • Jun 29, 2010 8:14pm Jun 29, 2010 8:14pm
looks like the 200ema is next to be tested.
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  • #234,550
  • Jun 29, 2010 8:34pm Jun 29, 2010 8:34pm
I'm short on gbp/usd. Off to the clubbbb
  • #234,551
  • Jun 29, 2010 9:37pm Jun 29, 2010 9:37pm
Quoting fxoxford
im knee deep in shorts, hope to have another 15k week, take a look
lol
  • #234,552
  • Jun 29, 2010 9:51pm Jun 29, 2010 9:51pm
Quoting Ineedpips9
I used to go for only 20+ pip trades,but this just killed my account,espicially for a newb. I now am loving my goal of setting my tp at 10.I'll say it again, for someone on my level it's alot easier to go for five different 10 pip trades than one 50 pip winner. I stick to cable,aussie and fibre. Dragon was the cause of my first margin call when I first went live.Fun times.

How much are you risking, for a 10 pip profit? I mean even your spread is gonna really hurt you.

Money management, taking profits against resistances.....small risks, big possible rewards if you want to keep going.
  • #234,553
  • Jun 29, 2010 9:57pm Jun 29, 2010 9:57pm
Stuck again at the daily pivot...but has made a couple of nice pips on the ride.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #234,554
  • Jun 29, 2010 10:14pm Jun 29, 2010 10:14pm
Quoting Ineedpips9
looks like the 200ema is next to be tested.

why don't you buy a cheap watch and use it where ever you go.,try to remember about OP & close market, so you could remove that time indi. your chart look mess with that. in a fresh chart you will have better view about market. (believe me it make affect, and sure decrease your stress in trading)


note: don't say use that indi is more easy or bla bla bla technology, it's about 'lazy' if you can't remember what time market Open & Close.
I will be the number one Manager.
  • #234,555
  • Jun 29, 2010 10:19pm Jun 29, 2010 10:19pm
risk is no more than 2% of the actual account per trade.The spread hurts,but if you wanna be technical about it,the spread hurts everybody.It takes away from profit. Granted, I do have one of the dealers with the larger spread for cable, but this means you have to practice better patience for a cable trade.Thats why I also trade aussie.Same movement,just more crisp movements and half the spread.

Just out of curiosity,what's your spread?
Quoting Catch-22
How much are you risking, for a 10 pip profit? I mean even your spread is gonna really hurt you.

Money management, taking profits against resistances.....small risks, big possible rewards if you want to keep going.
  • #234,556
  • Jun 29, 2010 10:25pm Jun 29, 2010 10:25pm
It's not the one I actually use for trading. I use Magix's new one and one that I made thats a combo of his older one and some stuff I found.

LOL.yea if you can't do the math in your head for what time it is somewhere else you're probably gonna have other problems throughout life.I found this file that has 1000's of indicators in it and just try them out to see what each of them do on a demo chart.Don't worry. After looking at a chart like that I'd probably have a headache after 20 minutes.

Quoting javapips
why don't you buy a cheap watch and use it where ever you go.,try to remember about OP & close market, so you could remove that time indi. your chart look mess with that. in a fresh chart you will have better view about market. (believe me it make affect, and sure decrease your stress in trading)


note: don't say use that indi is more easy or bla bla bla technology, it's about 'lazy' if you can't remember what time market Open & Close.
  • #234,557
  • Jun 29, 2010 10:36pm Jun 29, 2010 10:36pm
Quoting Ineedpips9
risk is no more than 2% of the actual account per trade.The spread hurts,but if you wanna be technical about it,the spread hurts everybody.It takes away from profit. Granted, I do have one of the dealers with the larger spread for cable, but this means you have to practice better patience for a cable trade.Thats why I also trade aussie.Same movement,just more crisp movements and half the spread.

Just out of curiosity,what's your spread?

On the GU it depends on my broker, between 2 and 4.

That's not my point though, I go for at least 50 pips so it's less than 10% of my trade, whereas if you go for 10 pips its 40%. I'm not trying to be superior, I'm just saying that 10pips per trade might be hard to keep going.
  • #234,558
  • Jun 29, 2010 10:49pm Jun 29, 2010 10:49pm
I kinda get what you're saying. Just wondering how your money management effects your lot sizes. If you don't mind pm me more about it.I would love to talk more about it tonight,but it's late and I have to be up in less than 5 hours,so I'm off to bed. I will definitely get back at you tommorrow about the subjects. Happy pips to you and everyone else out there.

P.S. Thanks Malcomb. I will definitely check out your thread on vsa over the weekend when I finish my current book.VSA seems seems really interesting.

Quoting Catch-22
On the GU it depends on my broker, between 2 and 4.

That's not my point though, I go for at least 50 pips so it's less than 10% of my trade, whereas if you go for 10 pips its 40%. I'm not trying to be superior, I'm just saying that 10pips per trade might be hard to keep going.
  • #234,559
  • Jun 29, 2010 11:03pm Jun 29, 2010 11:03pm
Quoting Catch-22
On the GU it depends on my broker, between 2 and 4.

That's not my point though, I go for at least 50 pips so it's less than 10% of my trade, whereas if you go for 10 pips its 40%. I'm not trying to be superior, I'm just saying that 10pips per trade might be hard to keep going.
For each trader and especially those new to market, if every day prior or for weeks prior your daily gain was a negative number, starting with a +10 pip per trade is a very good place to be.

Really, 10 pips is not a lot, but it is when you keep losing them same 10 pips.

We all have to walk before we run.

Next, we all have to define ourselves by the parameters that allow us to trade. Account size, time available, patience, amount of pairs traded....and on and on and on.

I know exactly what you are saying on targets, so please don't feel like I am coming down on you by any stretch...

Personally I am currently working with 27 bots, and really all I want them to do is give me 5 pips per trade per day, averaged out.

Some days will win, some days will lose, but end of the week if I come in anywhere near 500 pips, it will more than provide me with what I need.

Today I have launched my first batch, only 7 live the rest still in a state of demo....along with my live trading....

Meh...all in the name of fun and money.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #234,560
  • Jun 29, 2010 11:08pm Jun 29, 2010 11:08pm
Quoting Magix
For each trader and especially those new to market, if every day prior or for weeks prior your daily gain was a negative number, starting with a +10 pip per trade is a very good place to be.

Really, 10 pips is not a lot, but it is when you keep losing them same 10 pips.

We all have to walk before we run.

Next, we all have to define ourselves by the parameters that allow us to trade....
Yea, everyone is different. I'm not the best trader in the world, I'm just trying to show a different way of thinking about money management that would allow more lossses.
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