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Cable Update (GBPUSD)

  • #247,641
  • Aug 20, 2010 9:12am Aug 20, 2010 9:12am
Quoting cloggie
Magix, that is just scaling into a winner or at least in the direction of the intra day trend, I do exactly the same. We were discussing the doubling up of the next trade after you have closed one at a loss and keep doubling it until you make your loss back, and not actually adjusting your risk based on the reduction of capital, entirely different and I am sure that is not a strategy that you use nor would advocate.
Chasing price and doubling your position after each loser is a Fantastic way to get on your brokers Christmas card list to be sure clogs!

Just saying that if there are folk that really want to have their ass handed to them, and add on the counters when the don't understand the actual...well...shit, some people gunna do what they wanna do no matter what we say...

I guess the point is, if your going to do things wrong, do them right...

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #247,642
  • Aug 20, 2010 9:13am Aug 20, 2010 9:13am
Quoting mouse09
come back home from work
it's a pity but seems 6th zero order for today (

cloggie, wormy, global macro, Lion and others how do you think have we lost up moving momentum?
Hiya Mouse


Not an 'expert' like some here........ but from what I have gathered since I started trading with my own money!!!!!! I have too see what is there not what I think might be there at some point in the future.

Seems like every 'tom' dick and harry, has a way of trading, you like me and everyone else will have to learn a way that suits you or in my case me.

I use a 'correlation form of trading' which along with a few other techniques (some of which I learned here from reading the thread) helps me make the in probably 80% of my trades the right one. I spend between 12 - 18 hours a day learning, reading, trading, writing down results and even occasionally sleeping.

The one thing I have learned thus far is that no one way works any better than another way........
  • #247,643
  • Aug 20, 2010 9:14am Aug 20, 2010 9:14am
Quoting Magix
Chasing price and doubling your position after each loser is a Fantastic way to get on your brokers Christmas card list to be sure clogs!

Just saying that if there are folk that really want to have their ass handed to them, and add on the counters when the don't understand the actual...well...shit, some people gunna do what they wanna do no matter what we say...

I guess the point is, if your going to do things wrong, do them right...

90% springs to mind

How are you buddy? Keeping well and taking from the market as always!
  • #247,644
  • Aug 20, 2010 9:19am Aug 20, 2010 9:19am
Quoting Magix
Chasing price and doubling your position after each loser is a Fantastic way to get on your brokers Christmas card list to be sure clogs!

Just saying that if there are folk that really want to have their ass handed to them, and add on the counters when the don't understand the actual...well...shit, some people gunna do what they wanna do no matter what we say...

I guess the point is, if your going to do things wrong, do them right...

lol, liquidity providers my man we need um
  • #247,645
  • Aug 20, 2010 9:20am Aug 20, 2010 9:20am
Quoting digger1
lol, liqudity providers my man we need um

Liquidity and entertainment, the two things that keep us going for the day.
  • #247,646
  • Aug 20, 2010 9:21am Aug 20, 2010 9:21am
Quoting cloggie
Liquidity and entertainment, the two things that keep us going for the day.
ha ha for sure
  • #247,647
  • Aug 20, 2010 9:21am Aug 20, 2010 9:21am
Quoting bbakker
90% springs to mind

How are you buddy? Keeping well and taking from the market as always!
Or even 95%, or perhaps even 99%!!!
  • #247,648
  • Aug 20, 2010 9:22am Aug 20, 2010 9:22am
Quoting trending
I'm repeating myself but I want to point out the loophole of martingale. The most basic assumption is that an event will never occur X number of times in a row. Perhaps historical statistics have somehow proven that event has never happened.

But the problem is, in the end we cannot afford to have that 1 particular event to happen. There is a safer solution, that is to not use it at all.
The problem with the Martingale is that people that have a tendency to apply the principles have no strong conception of market.

Historically, I can show you the same movements and the same idea for better then half of the trade week. Same thing happens everyday my friend. Price goes up, price comes down...Price comes down, price goes up.

The length of time or the time frame that you watch, the risk management and idea of profit are what separate winning traders from losing traders.

I have worked with and shown several traders how to be effective and profitable in market and still watch these same people make the same mistakes until they no longer have an account they can trade off of.

Not looking to argue here my friend, just saying that having a great hammer will not make a great carpenter.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #247,649
  • Aug 20, 2010 9:26am Aug 20, 2010 9:26am
Quoting digger1
ha ha for sure

This travelling salesman knocks on a farm's door and a little boy opens up, the salesman asks for the boys mother and the boy tell sthe salesman his mom is not home, she has died. The salesman apologises and asks for the boys father, the little boy tells the salesman that his father has died too, to what the salesman asks, what had happened. The boy replied that both had died in tractor accidents. The salesman asks if any other family member is there and the boy says, my Grandma was here earlier, so the salesman asks where is grandma now and the boy replies, she got run over by a tractor too. So the salesman is aghast and asks what the little boy does by himself all day on his own and the little boy replies "nothing really, just driving around on the tractor".
  • #247,650
  • Aug 20, 2010 9:28am Aug 20, 2010 9:28am
Quoting digger1
lol, liquidity providers my man we need um
LOL....

Just as long as I keep from being one of em, I'm all good!

Quoting bbakker
90% springs to mind

How are you buddy? Keeping well and taking from the market as always!
Doing great...have taken a little bit of a slower approach to market days over the summer and surprisingly enough the market hasn't changed with a longer outlook. As long as the TP's get hit before the SL's I guess I can just keep doing what I am doing.

How's the new job treating you Bri?

How has the trading been coming along?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #247,651
  • Aug 20, 2010 9:29am Aug 20, 2010 9:29am
Quoting cloggie
This travelling salesman knocks on a farm's door and a little boy opens up, the salesman asks for the boys mother and the boy tell sthe salesman his mom is not home, she has died. The salesman apologises and asks for the boys father, the little boy tells the salesman that his father has died too, to what the salesman asks, what had happened. The boy replied that both had died in tractor accidents. The salesman asks if any other family member is there and the boy says, my Grandma was here earlier, so the salesman asks where is grandma now and the...
ah ha ha ha
  • #247,652
  • Aug 20, 2010 9:30am Aug 20, 2010 9:30am
Darn....

There was a nice long on CADJPY presenting itself as it hit the demand area (I marked it out as 81.27-81.03). I got the alert here as it was moving into it -

http://www.forexfactory.com/showthre...52#post3963752

Sometimes this is where set and forget orders can work a treat, but I set it as an alert on my iPhone instead. Oh well... missed the boat on that one, but I am sure there will be plenty of more opportunities.
  • #247,653
  • Edited 9:56am Aug 20, 2010 9:37am | Edited 9:56am
Looks like getting near to time to call it a day, call it a week even!!

All the big boys in London are starting to think about their weekend.

Having closed their profitable positions at lunch time - still wondering why the big retracement at 12 noon to 12.30 UK time?
  • #247,654
  • Aug 20, 2010 9:50am Aug 20, 2010 9:50am
Quoting Magix
LOL....

Just as long as I keep from being one of em, I'm all good!



Doing great...have taken a little bit of a slower approach to market days over the summer and surprisingly enough the market hasn't changed with a longer outlook. As long as the TP's get hit before the SL's I guess I can just keep doing what I am doing.

How's the new job treating you Bri?

How has the trading been coming along?
I am still waiting for the offer for the new job, but I believe it will be longer hours (50-60 a week), less pay and a longer commute.... mmmmmmmm. That's a non-starter! My ex-boss will send me the offer when he returns from his holidays next week, but when I told him my current pay and that I had a 5% pay rise in July, he clearly stated that the Venture Capital firm that owns the HR software company he works at wants to cut costs to fund further acquisitions. So my ex-boss had to lower the pay for the job and now it falls below my current pay! Let's see what he brings to the table before I dismiss it.

No problems for me. I am quite happy here anyway. I have been here 7.5 years now and working for a big IT company with 17,000 employees, $2.4bn turnover, $30m+ free cash flow each quarter, no debts and increasing turnover again in the last 3 quarters. Beauty is that I work in a small office with less than 80 people in a team of 14 people who support our EMEA accounts/customers which is a great environment to work in (We even have a pool room/dart board/xbox360 20yds from my desk). I am in no rush to leave and they pay well for what I actually do

With regards to trading, I feel that I am finally making progress now that I have actually put pen to paper and created all the tools I need for trading consistently. They include a Trading Plan, Trading Journal and a Daily Analysis Worksheet I use.

I have made 8.8% so far this month on just 10 trades which I am well chuffed with. I am just dotting the i's and crossing the t's on my trading plan, putting in some screenshots of how I plan my trades and of trade management, blah, blah, blah. I hope to complete 1st draft by the end of August, although it will evolve as I attain goals that I have outlined in my plan.

Therefore all good in the hood. I will become a consistent successful trader now that all the questions that the market can throw at me have been answered in my trading plan! I just need to stick to the plan, have faith and hopefully it will also build my confidence as I become more consistent.
  • #247,655
  • Aug 20, 2010 10:01am Aug 20, 2010 10:01am
bbakker - great post and well done for getting things so organised. Its always the shoot from the hip trades that go wrong for me, so this kind of discipline is key.

Just wanted to say a big thank you to you all for some top posts - I can't tell you how enlightening it has been - especially reading them in real time. Anyway, have a good weekend one and all and maybe I will be brave enough to post some of my trades next week!
  • #247,656
  • Aug 20, 2010 10:05am Aug 20, 2010 10:05am
Hello,

Really enjoying the thread. This is what i am seeing. A break and test of 5532 level i'll look for long otherwise i remain short/neutral until 5 min supporting trendline goes. Also, nice bounce off daily trendline earlier has sent the pair higher but waiting for that 32 level before considering longs.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd daily.png Size: 24 KB
Click to Enlarge Name: GBPusd 5 min.png Size: 33 KB
  • #247,657
  • Aug 20, 2010 10:10am Aug 20, 2010 10:10am
Quoting Delite
bbakker - great post and well done for getting things so organised. Its always the shoot from the hip trades that go wrong for me, so this kind of discipline is key.

Just wanted to say a big thank you to you all for some top posts - I can't tell you how enlightening it has been - especially reading them in real time. Anyway, have a good weekend one and all and maybe I will be brave enough to post some of my trades next week!
Cheers matey and have a great weekend yourself. Time to switch off from the markets, spend time with loved ones and enjoy oneself!

Saying that, I do however spend 2 hours either on a Friday night or Saturday night reviewing all of the trades I made during the week, to see where I went right and where I went wrong and how I can improve! It is great having a journal where I can reflect on the trades that I made. I treat it as a business and the journalling is like doing the book keeping. I can track everything I have done and it is quite enlightening to do too. It also helps me to reduce the number of trades I make. It is not quantity for me, but quality!
  • #247,658
  • Aug 20, 2010 10:16am Aug 20, 2010 10:16am
See where I went right and where I went wrong and how I can improve!

Last quick question - what is your success/fail ratio? Pretty high I would guess....
  • #247,659
  • Aug 20, 2010 10:23am Aug 20, 2010 10:23am
Quoting Delite
See where I went right and where I went wrong and how I can improve!

Last quick question - what is your success/fail ratio? Pretty high I would guess....
50%. This month so far I had 5 winners and 5 losers. Goes to show that you can still make money even when being a loser in the hit ratio

I just make sure my TPs give me a minimum of 3:1 and try to let the last runner run as far as possible. If the potential trade does not even look like making a 3:1, then I just give it a miss.
  • #247,660
  • Aug 20, 2010 10:29am Aug 20, 2010 10:29am
Quoting Planxty
Hello,

Really enjoying the thread. This is what i am seeing. A break and test of 5532 level i'll look for long otherwise i remain short/neutral until 5 min supporting trendline goes. Also, nice bounce off daily trendline earlier has sent the pair higher but waiting for that 32 level before considering longs.
5m chart looks like a bear flag. However, chart patterns are only confirmed once the price moves in the direction to complete the pattern
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Migton