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Cable Update (GBPUSD)

  • #250,081
  • Aug 31, 2010 9:03am Aug 31, 2010 9:03am
Quoting bbakker
I have 1247.40 on my chart and a drop from where we are at now is possible.

Next supply zone is 1265.10-1261.10 (Drilled down to h1) and a drop from there is possible.

It is also possible that the continual buying of gold will send it to new heights.

Anything is possible!
thanks alot buddy
  • #250,082
  • Aug 31, 2010 9:11am Aug 31, 2010 9:11am
Going long now, Looking for a scalp... Made some money in the short side so only risking part of today's profit..Entry is 1.5402. I am trying to pick the bottom..

EDIT: scratching the trade here for couple pips loss
  • #250,083
  • Aug 31, 2010 9:18am Aug 31, 2010 9:18am
Quoting LostMyShirt
Going long now, Looking for a scalp... Made some money in the short side so only risking part of today's profit..Entry is 1.5402. I am trying to pick the bottom..

EDIT: scratching the trade here for couple pips loss
You mind you don't loose your shorts as well..........as lostmyshirt
  • #250,084
  • Aug 31, 2010 9:21am Aug 31, 2010 9:21am
Quoting LostMyShirt
Looking for a scalp... I am trying to pick the bottom..
Easy when your in 'shorts'............
  • #250,085
  • Aug 31, 2010 9:22am Aug 31, 2010 9:22am
Sorry couldn't resist
  • #250,086
  • Aug 31, 2010 9:29am Aug 31, 2010 9:29am
Quoting AdrianHNV
Easy when your in 'shorts'............
I am still working on my over trading problem.. All I need is $50 a day on an average since i am in this for a long haul and have a steady day job to pay for my living expenses... Past Friday i played 5 standard lots, don't ask me why, to make this $50..It was really stupid....
  • #250,087
  • Aug 31, 2010 9:31am Aug 31, 2010 9:31am
Quoting TommyPips
No, not yet. Have you?.....lol
lol, naah me neither.

heard it's an OK film, but nothing special.
  • #250,088
  • Aug 31, 2010 9:35am Aug 31, 2010 9:35am
Quoting LostMyShirt
I am still working on my over trading problem.. All I need is $50 a day on an average since i am in this for a long haul and have a steady day job to pay for my living expenses... Past Friday i played 5 standard lots, don't ask me why, to make this $50..It was really stupid....
Ha ha, but you're not the only one. I find someone who looks a lot like me puts these trades on sometimes, and I have to clear up the mess. Who is that guy, I'd like to kick him in the nads.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #250,089
  • Aug 31, 2010 9:38am Aug 31, 2010 9:38am
Quoting autopips
Ha ha, but you're not the only one. I find someone who looks a lot like me puts these trades on sometimes, and I have to clear up the mess. Who is that guy, I'd like to kick him in the nads.
in the nads?
  • #250,090
  • Aug 31, 2010 9:40am Aug 31, 2010 9:40am
Quoting LostMyShirt
I am still working on my over trading problem.. All I need is $50 a day on an average since i am in this for a long haul and have a steady day job to pay for my living expenses... Past Friday i played 5 standard lots, don't ask me why, to make this $50..It was really stupid....
Well the good thing about this is that you have at least set yourself a daily Target and I'm sure as I and the vast majority here will agree that as long as you stick to it and protect your account at all costs, then you will I'm sure not only succeed but also (if you have a spread sheet) start to fully appreciate that that the compounding effect on your account will make a HUGE difference over time.

We all have to do stupid things in order to learn from the experiences. Your not alone, I have and I suspect even those who are 'experts have' as well.
  • #250,091
  • Aug 31, 2010 9:42am Aug 31, 2010 9:42am
Quoting AdrianHNV
Yes may-bee I will.

Although as I have said before, I do not trade from this computer so it will have too be in words alone. Not that, that will be a problem. I enjoy writing/typing.

It's what we Bees are good at after all..................
Why do you never explain the logic behind your trades ?
Why do you feel the need to keep posting ?
What is an HNV when applied to the name Adrian?
Why do you think this thread exists?
All systems of divination, like music itself,work through patterns.
  • #250,092
  • Aug 31, 2010 9:45am Aug 31, 2010 9:45am
Quoting witsnpips
in the nads?
(Short for gonads. The family jewels, ones "plums").
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #250,093
  • Aug 31, 2010 9:45am Aug 31, 2010 9:45am
Quoting AdrianHNV
Well the good thing about this is that you have at least set yourself a daily Target and I'm sure as I and the vast majority here will agree that as long as you stick to it and protect your account at all costs, then you will I'm sure not only succeed but also (if you have a spread sheet) start to fully appreciate that that the compounding effect on your account will make a HUGE difference over time.

We all have to do stupid things in order to learn from the experiences. Your not alone, I have and I suspect even those who are 'experts have' as...
You don't become an expert until you've made all the mistake!

Adrian - I waited a bit longer before entering short, so I managed a higher entry point. My short is now hovering in/out of 2 pips profit...lol
  • #250,094
  • Aug 31, 2010 9:51am Aug 31, 2010 9:51am
Quoting AdrianHNV
Well the good thing about this is that you have at least set yourself a daily Target and I'm sure as I and the vast majority here will agree that as long as you stick to it and protect your account at all costs, then you will I'm sure not only succeed but also (if you have a spread sheet) start to fully appreciate that that the compounding effect on your account will make a HUGE difference over time.

We all have to do stupid things in order to learn from the experiences. Your not alone, I have and I suspect even those who are 'experts have' as...
I would avoid setting a daily target, as doing so can lead to a trader taking positions purely out of desperation, in order to get their 50 pips. The market cares not for someone's arbitrary daily pip/dollar target and, thus, will not gift us with plenty of nice, high probability set-ups before we log off each day.

Moreover, why limit yourself to a fixed number of daily pips? As this encourages people to take profit far too soon, through having a profit cap ingrained into their psyche, which is one of the biggest mistakes new traders make on a consistent basis, along with a refusal to take a loss.
  • #250,095
  • Aug 31, 2010 9:57am Aug 31, 2010 9:57am
Quoting gammase1
I would avoid setting a daily target, as doing so can lead to a trader taking positions purely out of desperation, in order to get their 50 pips....
as a newbie i get so fed up with other newbees sitting on theitr thrones doling out advice to those that they percieve as being newbier than them. Good to hear someone so experienced stepping in on such a basic level.
All systems of divination, like music itself,work through patterns.
  • #250,096
  • Aug 31, 2010 9:59am Aug 31, 2010 9:59am
Quoting kaspopsicle
as a newbie i get so fed up with other newbees sitting on theitr thrones doling out advice to those that they percieve as being newbier than them. Good to hear someone so experienced stepping in on such a basic level.
I'm a newbie too. Nice to meet you.

Learning all the time here!

Good bunch of people on here.
  • #250,097
  • Aug 31, 2010 10:03am Aug 31, 2010 10:03am
Quoting LostMyShirt
I am still working on my over trading problem.. All I need is $50 a day on an average since i am in this for a long haul and have a steady day job to pay for my living expenses... Past Friday i played 5 standard lots, don't ask me why, to make this $50..It was really stupid....
Daily dollar quotas as targets are dangerous, same goes with pip targets as Gammase 1 pointed out. Forex is a percentage game and you are better off using percentage targets.

My target is >= 5% per month for 3 consecutive months before I reach my first goal of consistent profits. I do not have daily or weekly targets.

As Gammase1 stated, you are only causing yourself more stress by setting yourself 'Must earn $50 on average per day' as you will have days when you make a loss, even a week or two when you make a string of losses.

Wormie stated that he made a loss last week on the Wormhole thread and I can assure you, he is one of the best traders on FF.

Losses happen! It is a fact of life. Once you accept this fact, it will be like a weight of your shoulders.
  • #250,098
  • Aug 31, 2010 10:14am Aug 31, 2010 10:14am
That was nice - My hovering 2 pip in/out profit just turned into 50 pips. I'm out now as I had set a limit order on it.

My eyes are Doo-Dally now from staring at screen looking for patterns etc..

Time for a cuppa - but I'll still have to watch...lol I learn a lot from the watching too!
  • #250,099
  • Aug 31, 2010 10:18am Aug 31, 2010 10:18am
Quoting gammase1
I would avoid setting a daily target, as doing so can lead to a trader taking positions purely out of desperation, in order to get their 50 pips....
Well actually I disagree, by setting Goals and Targets on a daily basis helps anyone in any business concentrate on the 'achievable as apposed to the unachievable'.

Compounding one's daily targets and protecting one's account for the future, so that a somewhat consistent weekly or even monthly 'salary' can be withdrawn is, far better not being in a position to do so.

So far as experience is concerned, it makes no difference to what is surely common sense, so far as protecting one's own money is concerned.

Fortunately we all allowed to have our own opinions and this is mine. I have a set number of hours per day that I trade, a set maximum number of trades per hour that I can take and a set minimum and maximum number of negative and positive pips I am allowed on a daily basis. If somehow I manage to achieve the maximum allowed per day Target of my positive pips and it allows me too have a 'day off the next day' as my average for the week is achieved then so be it.

Life is after all for living.

So far as anything else is concerned, like others here if someone doesn't like my post, just ignore them.

Ignorance is bliss, stupidity is not................

If helping people annoys a few........... tough
  • #250,100
  • Aug 31, 2010 10:19am Aug 31, 2010 10:19am
Hi Tommypips, thanks to the good people on this thread, as just displayed by Bbakker and Gamase1, i have been able to take information on board that i doubted i would ever be able to comprehend. What gets me down are those in life who dont contribute to the group discussion.Although i dont contribute anything significant i nonetheless feel that the space on this thread is rare and precious and have been known to defend its integrity like a cat defending its territory. All the best to you and G/L .
All systems of divination, like music itself,work through patterns.
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