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Cable Update (GBPUSD)

  • #245,021
  • Aug 11, 2010 12:53pm Aug 11, 2010 12:53pm
Quoting ukdaytrader
I have to agree with him; you're not listening. He made a call last week and has since made money from it. Why the undue criticism when he hasn't criticised your own analysis.

You shouldn't have to 'win' a conversation to get respect.

No disrespect here and in principle I agree with you, but it was bablo calling me a pain in the ass when I would not agree with 1,000 pip drawdowns. And let's get to the heart of the discussion can you think of any trading strategy that calls for 1,000 pip drawdowns while continuing to scale into it? He was the one claiming that he is profitable having a scaling in strategy allowing for 1,000 pip losses. Let's be honest wouldn't we all want to hear about this holy grail that even after a thousand pip loss is still profitable?
  • #245,022
  • Edited 1:26pm Aug 11, 2010 1:04pm | Edited 1:26pm
Quoting ukdaytrader
I have to agree with him; you're not listening. He made a call last week and has since made money from it. Why the undue criticism when he hasn't criticised your own analysis.

You shouldn't have to 'win' a conversation to get respect.
Thanks for the support. Don't bother wasting time on this anymore.

Cloggie is convinced that I take 1000 pip draw downs which is not the case. My point was that you must leave youself 1000 pips of breathing room before stating to get worried about the money you're loosing. This takes emotion out of the trades. I have never had anything close to 1000 pip drawdown.

At any rate I had several people PM me about the method because they did not want to be clubed by clog for exploring the merit of the method.

As far as I'm concerned the matter is put to bed.

No point in clogging a dead horse.
  • #245,023
  • Aug 11, 2010 1:09pm Aug 11, 2010 1:09pm
Quoting cloggie
No disrespect here and in principle I agree with you, but it was bablo calling me a pain in the ass when I would not agree with 1,000 pip drawdowns. And let's get to the heart of the discussion can you think of any trading strategy that calls for 1,000 pip drawdowns while continuing to scale into it? He was the one claiming that he is profitable having a scaling in strategy allowing for 1,000 pip losses. Let's be honest wouldn't we all want to hear about this holy grail that even after a thousand pip loss is still profitable?
I think you're focussing on the 1000 pip comment too much. It's a matter of which TF you want to trade. If he's trading the Monthly, then 1000 pip DDs while he's scaling in small is perfectly reasonable.

Not everyone's timing is perfect. Scaling in means it doesn't have to be. It's a perfectly reasonable strategy and one employed by big banks everywhere.

  • #245,024
  • Aug 11, 2010 1:10pm Aug 11, 2010 1:10pm
Well its a bright sunny evening here in this part of the UK........
Got a nice long brandy on the side with of course a little ice in it too keep it cool.

Had another wonderful day trading, not as profitable as others this week, mainly because this afternoon about 4pm ish my internet connection went down and I um made a loss of about $187 on my account.

O'well will live to see another sunrise or tow yet.

As seems to be the case this week have another 'sell trade' sitting at the bottom of my chart waiting to be filled!!!! May have too wait till tomorrow now as I've been working since 6am this morning and am getting tired.

May just have a little rest before having another look later on too see if the Pound has gone down far enough for a small night time profit....
  • #245,025
  • Aug 11, 2010 1:11pm Aug 11, 2010 1:11pm
Quoting ukdaytrader
I think you're focussing on the 1000 pip comment too much. It's a matter of which TF you want to trade. If he's trading the Monthly, then 1000 pip DDs while he's scaling in small is perfectly reasonable.

Not everyone's timing is perfect. Scaling in means it doesn't have to be. It's a perfectly reasonable strategy and one employed by big banks everywhere.


I am not the one who is focusing on the 1,000 pips, that was his own rebuttal to my post that scaling in is acceptable and that he leaves himself 1,000 pips while doing so, utter madness but highly entertaining
  • #245,026
  • Aug 11, 2010 1:22pm Aug 11, 2010 1:22pm
What I see is a perfect A,B,C,D pattern. Were A = D. Which A = 287 pips and D = 283 pips. I think we may get a retracement up to the 750 - 800 level before a move back down to 1.555 level. Just my outlook.
  • #245,027
  • Aug 11, 2010 1:22pm Aug 11, 2010 1:22pm
So anybody think there will be another run at 5640 before NY close?
  • #245,028
  • Aug 11, 2010 1:25pm Aug 11, 2010 1:25pm
Quoting Nate04
So anybody think there will be another run at 5640 before NY close?


5622 is my number for the bounce......well see
  • #245,029
  • Aug 11, 2010 1:35pm Aug 11, 2010 1:35pm
Quoting Nate04
So anybody think there will be another run at 5640 before NY close?
follow the subltl. as long as it holds, don't short. just keep an eye on the overhead resistance. good luck

i'm outta here. I got my tea, roti canai & Goodfellas dvd waiting.
Good luck everyone
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Thank You
  • #245,030
  • Aug 11, 2010 1:46pm Aug 11, 2010 1:46pm
Thanks for the advice. I was hoping for 1 last run at 5640, but I can't sit around staring a trending chart all afternoon. Guess I'm gonna get out, collect my few pips, and call it a day.

Hope everyone has a great afternoon/evening.
  • #245,031
  • Aug 11, 2010 1:59pm Aug 11, 2010 1:59pm
yuo never listen .... classic three wave formation on 4 hr played out... 1.5625 major support ,,, then 1,5450

Quoting forexlion
me going short for now

then will buy the bootum all the way to 5850

jiff 5704 huulds

http://img405.imageshack.us/img405/3378/73338850.gif
Blogging daily now at www.volume.zone
  • #245,032
  • Aug 11, 2010 2:03pm Aug 11, 2010 2:03pm
closed short from 1.5945...on my 4h chart 1.5660 is 38,2 Fib..also on 12h chart...probably long from here..but not sure yet..patience patience..
  • #245,033
  • Aug 11, 2010 2:49pm Aug 11, 2010 2:49pm
Chances are a bit of a retracement. Since it hit the 38.2, broke it came back above it retested it 2 times and looks like it may close above it. But if u read my other post we have a perfect A,B,C,D pattern. I am also looking for 705 too hold and pull back down befroe we retrace up again. But I like I always say it is just my outlook. And of course price action has to agree in order to jump into any trade.
Quoting zodiak
closed short from 1.5945...on my 4h chart 1.5660 is 38,2 Fib..also on 12h chart...probably long from here..but not sure yet..patience patience..
  • #245,034
  • Aug 11, 2010 3:05pm Aug 11, 2010 3:05pm
Quoting dobbie11
Chances are a bit of a retracement. Since it hit the 38.2, broke it came back above it retested it 2 times and looks like it may close above it. But if u read my other post we have a perfect A,B,C,D pattern. I am also looking for 705 too hold and pull back down befroe we retrace up again. But I like I always say it is just my outlook. And of course price action has to agree in order to jump into any trade.

..can you please post your chart for A,B,C,D pattern...
For price action I agree! we shall see after Tokyo time
  • #245,035
  • Aug 11, 2010 4:23pm Aug 11, 2010 4:23pm
Sure here u go. Only problem is I was copy the chart the price took out the low. The blue line on the bottom of the chart is the 168 fib extension which sits at 1.558 and may be hit first. Now since the daily close below the 38.2 fib that has a chance to get hit first. I may sell at 1.560.

Quoting zodiak
..can you please post your chart for A,B,C,D pattern...
For price action I agree! we shall see after Tokyo time
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  • #245,036
  • Aug 11, 2010 4:29pm Aug 11, 2010 4:29pm
"The GBPUSD is in the same situation as the EURUSD in that the decline from 15915 is probably a 3rd wave decline. As such, weakness is expected towards the 161.8% extension, which is 15440. This level is reinforced by former resistance at 15480. Risk can be moved to 15915."

http://www.dailyfx.com/technical_ana...ttWave=GBP/USD
  • #245,037
  • Aug 11, 2010 4:39pm Aug 11, 2010 4:39pm
Quoting cloggie
I am not the one who is focusing on the 1,000 pips, that was his own rebuttal to my post that scaling in is acceptable and that he leaves himself 1,000 pips while doing so, utter madness but highly entertaining
Perhaps you should consider taking an English comprehension class. Maybe it could help you.
As a final comment to all other readers (because I think this will sail over your head anyway) generally speaking the loudest person in the room is most often the weakest person in the room.
  • #245,038
  • Edited 5:17pm Aug 11, 2010 4:58pm | Edited 5:17pm
Quoting bablo
Perhaps you should consider taking an English comprehension class. Maybe it could help you.
As a final comment to all other readers (because I think this will sail over your head anyway) generally speaking the loudest person in the room is most often the weakest person in the room.

Nothing wrong with my English buddy. But let's discuss your trading strategy a bit more. Scaling into losing trades is probably the biggest sign of a newbie trader that can't admit to his mistakes and will ultimately lead to failure.

Read some of this

Not willing to admit to a failing strategy and struggling on with it shows me that you will never make it as a trader.

Like I keep saying, it is your money and I don't care if you decide to throw it all away, you just provide liquidity for the ones that do make it in this business.

Now you continue to attack me personally, which I can handle pretty easily, like water of a duck's back.

The day that you will admit that your strategy is failing you will be the day you will become a better trader.

Why do I keep harping on about this, not to help you, we all know you are beyond help. But if me pointing out the obvious failures of traders like you in the open some other beginning traders can take note of that and avoid the easily avoidable mistakes you make.

You don't see me making 400 pip claims after the fact, another sign of a failure. You can't make calls live here and the only way to make you feel better about yourself is to make ridiculous claims after the price has played it out.

As I said earlier, it provides entertainment for us and it shows the newbies how not to trade, so in a perverted kind of way you are helping out, your loss is other peoples' gain.

The hardest thing to do in trading is to admit to yourself that you were wrong, I do it several times a day, close my trade and move on. Once you do it once and get used to doing it over and over again your trading will improve dramatically.
  • #245,039
  • Aug 11, 2010 5:08pm Aug 11, 2010 5:08pm
Quoting bablo
Perhaps you should consider taking an English comprehension class. Maybe it could help you.
As a final comment to all other readers (because I think this will sail over your head anyway) generally speaking the loudest person in the room is most often the weakest person in the room.
On tht note why the loud attention seeking big bold print , cloggie has offered lots of people help on trading pa , one where you have pips at the end of the day and some money in the bank ,day in and day out , not sitting on much of a draw at any point , a rather simple method very different from lobbing a posistion on , then throwing another one farther away and hope they even out . At any rate makes more sense to go the way the money is going. Is your way the only way . You got loud and pissy because you got called out . Stick to your post where you said you were done with the issue .
  • #245,040
  • Aug 11, 2010 5:19pm Aug 11, 2010 5:19pm
Quoting zipfur
"The GBPUSD is in the same situation as the EURUSD in that the decline from 15915 is probably a 3rd wave decline. As such, weakness is expected towards the 161.8% extension, which is 15440. This level is reinforced by former resistance at 15480. Risk can be moved to 15915."

http://www.dailyfx.com/technical_ana...ttWave=GBP/USD
I am on this also!
But this maby wont be done in once "obviously".

1.5457 is 61.8% correction of the 1.5118 and 1.5997 leg.
And we know how market like the 61.8%, do we know?!?
(1.5969 is 0.618 of 1.7030/1.4242).

Good trade!
Later!
"Flip that coin!"
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