Know when to hold em, Know when to fold em!
Cable Update (GBPUSD)
- #237,621
- Jul 13, 2010 8:17am Jul 13, 2010 8:17am
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
Know when to hold em, Know when to fold em!
- #237,622
- Jul 13, 2010 8:18am Jul 13, 2010 8:18am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
My TA is fine, I know it is bullish and I change my Trend lines based on conditions of the market. I dont need to correct my TA. As I said earlier I didnt trade gu this am so I didnt look at chart. That was a previous trade.
I dont guess, I was being sarcastic earlier! Bears tried to hold it down but they couldnt, simple as that.
- #237,623
- Jul 13, 2010 8:18am Jul 13, 2010 8:18am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thank You 
- #237,624
- Jul 13, 2010 8:19am Jul 13, 2010 8:19am
- Joined Mar 2009 | Status: Trader | 1,094 Posts
Instead of trying to predict the retrace, would it not be alot easier and safer to wait for a confirmation? Trying to anticipate tops midstream as a strategy has cost traders more money then anything else I can think of.
Navin will keep an eye on those lines.
- #237,625
- Jul 13, 2010 8:19am Jul 13, 2010 8:19am
- Joined Mar 2006 | Status: Chase that Dollar .. | 1,416 Posts
- #237,626
- Jul 13, 2010 8:20am Jul 13, 2010 8:20am
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
thank u for taking that in good spirit..which was what was intended
I do like how you trade though, you and I seem to trade very similiar if not the same. Mind if I add ya to buddy list, toss some ideas back and fourth? Ill also email you my skype id if ya want. Always good to be in the company when trading with like minded people that fit your trading personality.
Know when to hold em, Know when to fold em!
- #237,627
- Jul 13, 2010 8:22am Jul 13, 2010 8:22am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
I do like how you trade though, you and I seem to trade very similiar if not the same. Mind if I add ya to buddy list, toss some ideas back and fourth? Ill also email you my skype id if ya want. Always good to be in the company when trading with like minded people that fit your trading personality.
- #237,628
- Jul 13, 2010 8:23am Jul 13, 2010 8:23am
- Joined Jun 2007 | Status: As you say Ingles - rich and free | 2,751 Posts
- #237,630
- Jul 13, 2010 8:25am Jul 13, 2010 8:25am
- Joined Jul 2007 | Status: Trader | 5,392 Posts
ex member
- #237,631
- Jul 13, 2010 8:26am Jul 13, 2010 8:26am
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
absolutely brother!!
Awesome Ill send you a message in a second, just so you can have a little more proof I attached a chart of a Chfjpy trade I took last night, I did get stopped out with profit though had a bit of a tight trailing stop of 15 pips but it had its purpose.
Again this chart was for last night's trade I havent looked at updated chart so I dont have current trendlines on it.
I took it because of lower highs and lower low's on 30 min chart after range broke out by bears.
Know when to hold em, Know when to fold em!
- #237,632
- Jul 13, 2010 8:28am Jul 13, 2010 8:28am
- Joined Jul 2007 | Status: Trader | 5,392 Posts
The 7 Principles of Consistency (Mark Douglas-Trading in the Zone
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.
This is how Brett Steenbarger (U.s trader/psychologist) summed up successful trading;
'.....You do need to have an edge; you need the consistency to replicate that edge; you need the drive to continually adapt to changing market conditions; and you need enough capital. I have never met a successful trader who makes money by doubling his or her money every year. The successful traders start with meaningful capital and earn a respectable, but reasonable return upon it. Their success is measured in their consistency, not in their ability to make occasional big scores…’
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.
This is how Brett Steenbarger (U.s trader/psychologist) summed up successful trading;
'.....You do need to have an edge; you need the consistency to replicate that edge; you need the drive to continually adapt to changing market conditions; and you need enough capital. I have never met a successful trader who makes money by doubling his or her money every year. The successful traders start with meaningful capital and earn a respectable, but reasonable return upon it. Their success is measured in their consistency, not in their ability to make occasional big scores…’
ex member
- #237,633
- Jul 13, 2010 8:29am Jul 13, 2010 8:29am
- Joined Jul 2007 | Status: Trader | 5,392 Posts
ex member
- #237,634
- Jul 13, 2010 8:31am Jul 13, 2010 8:31am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
Awesome Ill send you a message in a second, just so you can have a little more proof I attached a chart of a Chfjpy trade I took last night, I did get stopped out with profit though had a bit of a tight trailing stop of 15 pips but it had its purpose.
Again this chart was for last night's trade I havent looked at updated chart so I dont have current trendlines on it.
I took it because of lower highs and lower low's on 30 min chart after range broke out by bears.
- #237,637
- Jul 13, 2010 8:36am Jul 13, 2010 8:36am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
The 7 Principles of Consistency (Mark Douglas-Trading in the Zone
[font=Verdana]1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore,...
- #237,638
- Jul 13, 2010 8:40am Jul 13, 2010 8:40am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
thanks mate!
much appreciated link.
could i ask you if you use any EA's?
you're welcome
no, I don't use any EA
Thank You
- #237,639
- Jul 13, 2010 8:41am Jul 13, 2010 8:41am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
you're welcome
no, I don't use any EA
- #237,640
- Jul 13, 2010 8:42am Jul 13, 2010 8:42am
- Joined Jul 2007 | Status: Trader | 5,392 Posts
good to see u around tom
Hi Nav, Thanks bud, nice to see u too, liking your holding of those longer tern gbpusd longs...wd!
ex member