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Cable Update (GBPUSD)

  • #241,881
  • Jul 30, 2010 4:00am Jul 30, 2010 4:00am
Quoting TauTrader
Good day to you,

Until it backfires on me...

Seriously though - I am a very conservative guy when it comes to the money. I have made a directional decision on a couple of pairs this week. To be able to possibly benefit, I need to be in the market.

Therefor I opened my initial trades as the market opened on Sunday. Should price then move to my targets immediately, I have positions open. Should price move against my initial entry, I add.

I can always wait for better entries, but then I may miss the move all together. So I have to sacrifice....
I am no expert but I believe one of the main rules of trading is to never add to a losing position. I have read that many times and one of the senior members posted 10 golden rules of trading and that was one of them.
  • #241,882
  • Jul 30, 2010 4:02am Jul 30, 2010 4:02am
Quoting TauTrader
Good day to you,

Truly a greedy bunch in charge. They should be ashamed.. continually sucking in more and more and more.

I guess in the end, it will then just speed things up substantially when the curveball comes. Bring it - big boy

Regards
I blew couple of times like that.
  • #241,883
  • Jul 30, 2010 4:05am Jul 30, 2010 4:05am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
TT, we have UJ @ extreme support levels and pound is bullish for whatever bizzare reason it maybe...
UJ has gone to 8580 in the past and pound might tank 2-300 pips maybe if it has to. What do you reckon is it a good call to BUY GJ around 130-132 levels, considering BOJ will intervene for sure if UJ goes below 85?


ta
ams



Quoting TauTrader
Good day to you,

Truly a greedy bunch in charge. They should be ashamed.. continually sucking in more and more and more.

I guess in the end, it will then just speed things up substantially when the curveball comes. Bring it - big boy

Regards
  • #241,884
  • Jul 30, 2010 4:06am Jul 30, 2010 4:06am
Quoting mdiz2
I am no expert but I believe one of the main rules of trading is to never add to a losing position. I have read that many times and one of the senior members posted 10 golden rules of trading and that was one of them.
Good day to you,

You are 100% correct. One should never add to a losing position. This is sound advice.

Regards
  • #241,885
  • Jul 30, 2010 4:06am Jul 30, 2010 4:06am
Quoting TauTrader
Good day to you,

Until it backfires on me...

Seriously though - I am a very conservative guy when it comes to the money. I have made a directional decision on a couple of pairs this week. To be able to possibly benefit, I need to be in the market.

Therefor I opened my initial trades as the market opened on Sunday. Should price then move to my targets immediately, I have positions open. Should price move against my initial entry, I add.

I can always wait for better entries, but then I may miss the move all together. So I have to sacrifice....
I am no expert but I remember reading a post by one of the seniors here called the 10 golden rules of trading. One of the rules is to never add to a losing position.
  • #241,886
  • Jul 30, 2010 4:09am Jul 30, 2010 4:09am
sorry didn't mean to post twice
  • #241,887
  • Jul 30, 2010 4:10am Jul 30, 2010 4:10am
Quoting uksnowman
I'm now short GU 1.5634 and dragon 136.17. With the strong bull run I'm not so sure on TP for both yet, have set SL to BE+1 and will see if we can get a bit of a run.

What do you guys think of 1.5530 as GU target and 134.86 (daily S2) and 133.86 (daily S3) for GJ?
GJ S2 target achieved, took everything off as I can't watch the trade today. GU didn't hit target but took profit at 1.5585 so it's been a nice end to the month!

Just want to say thanks to the members here that are providing an inspiration to us all with excellent charts and trades, you know who you are!
  • #241,888
  • Jul 30, 2010 4:11am Jul 30, 2010 4:11am
Quoting mdiz2
sorry didn't mean to marry twice
not a problem, this happens with internet connections.
  • #241,889
  • Jul 30, 2010 4:14am Jul 30, 2010 4:14am
Quoting mdiz2
I am no expert but I remember reading a post by one of the seniors here called the 10 golden rules of trading. One of the rules is to never add to a losing position.
Is there an echo in here??

TT is not adding to a losing position, he is following his overall strategy. He identifies a direction, then enters and adds according to his own set of rules. If the trade is invalidated according to his criteria, he would get out.

This is different from someone who enters a trade, then watches it go against him and, not recognizing that the initial reason for taking the trade is no longer valid, he adds to position 'hoping' that it will reverse & go his way.

A subtle but important difference
******************* I'd rather make money than be right.
  • #241,890
  • Jul 30, 2010 4:19am Jul 30, 2010 4:19am
congested on 5min atm between the supply and demand zones shown in the red lines, daily pivot is at 5517, and there is an ascending trend line on that t/f which is garnishing support atm... No real plays until this congestion is breeched, maybe a breech and pullback to it with a 2nd b/o play ??..or even a thrust b/o ?? Will seee how PA develops...

G/L
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ex member
  • #241,891
  • Jul 30, 2010 4:26am Jul 30, 2010 4:26am
Quoting ams
TT, we have UJ @ extreme support levels and pound is bullish for whatever bizzare reason it maybe...
UJ has gone to 8580 in the past and pound might tank 2-300 pips maybe if it has to. What do you reckon is it a good call to BUY GJ around 130-132 levels, considering BOJ will intervene for sure if UJ goes below 85?


ta
ams
Good day to you, AMS

Your reasoning is sound. You are asking a very difficult question. Logic does dictate that this may very well be a strong scenario that has to be considered.

I really do not know at this point. We will have to see when / if ever we get to those levels. I may be totally wrong right where I am now. Let's look at this when the time comes. Things may be clearer then.

Pfft...Gotta go and buy a new stove / oven now. The thing just broke... you just never win.

See you around, AMS

Regards
  • #241,892
  • Jul 30, 2010 4:29am Jul 30, 2010 4:29am
Cable needs a kick...
Don't be emo... don't be emo....
  • #241,893
  • Jul 30, 2010 4:34am Jul 30, 2010 4:34am
Quoting Purple
You could just shut up and leave, but you dont have that kind of self dignity.
if u had any self dignity u wont say what u have to someone who has been around for a very long time..i just looked at yur attachements and i am amazed your thoughts toward lion can be so antagonistic

b4 telling an experienced member to "shut up and leave" ..look at his contribution and compare it to yours..before being so rude.
  • #241,894
  • Jul 30, 2010 4:36am Jul 30, 2010 4:36am
Quoting bbmac
daily pivot is at 5517.

G/L
I think this is a tipo: should be 5617

Cable has been around this area for the last four hours. This is like sitting at the crossroads, waiting, ready to move across daily pivot and down.
  • #241,895
  • Jul 30, 2010 4:39am Jul 30, 2010 4:39am
Quoting mdiz2
I am no expert but I remember reading a post by one of the seniors here called the 10 golden rules of trading. One of the rules is to never add to a losing position.

trading actually has no rules nothing is definate..u simply make rules to have displine..jacko is very good trader i dont need to tell u and he adds to losing positions (again this depends on your definition of a losing positon)

its all relative
  • #241,896
  • Jul 30, 2010 4:40am Jul 30, 2010 4:40am
Waiting for 4H candle close...pin bar
  • #241,897
  • Jul 30, 2010 4:40am Jul 30, 2010 4:40am
Quoting 4xStar
Is there an echo in here??

TT is not adding to a losing position, he is following his overall strategy. He identifies a direction, then enters and adds according to his own set of rules. If the trade is invalidated according to his criteria, he would get out.

This is different from someone who enters a trade, then watches it go against him and, not recognizing that the initial reason for taking the trade is no longer valid, he adds to position 'hoping' that it will reverse & go his way.

A subtle but important difference
Good day to you,

Was on my way out and saw your post - so a quick response.

Thank you - it's exactly that. I fully understand where Mdiz2 is coming from and in his belief, the question is a valid one. No issue there. He may very well be right. But as you say, my personal belief is different at this point in time and I therefor do not view my current GU trades as a losing position per se.

Thank you again

Regards
  • #241,898
  • Jul 30, 2010 4:43am Jul 30, 2010 4:43am
Quoting LetsTrade
I think this is a tipo: should be 5617

Cable has been around this area for the last four hours. This is like sitting at the crossroads, waiting, ready to move across daily pivot and down.
Do you mean a typo? :-)
  • #241,899
  • Jul 30, 2010 4:43am Jul 30, 2010 4:43am
Quoting TauTrader
Good day to you,

Was on my way out and saw your post - so a quick response.

Thank you - it's exactly that. I fully understand where Mdiz2 is coming from and in his belief, the question is a valid one. No issue there. He may very well be right. But as you say, my personal belief is different at this point in time and I therefor do not view my current GU trades as a losing position per se.

Thank you again

Regards

how are u bro?..u trading well
  • #241,900
  • Jul 30, 2010 4:50am Jul 30, 2010 4:50am
Quoting drakes
Cable needs a kick...
Kick finally came....
Don't be emo... don't be emo....
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