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Cable Update (GBPUSD)

  • #250,621
  • Sep 2, 2010 9:14am Sep 2, 2010 9:14am
Quoting Fudomyo
dude.

didn't realize you're 200 P draw down. you never know how low price can drop until it gets there. support gets broken all the time.

taking losses is part of the business, taking huge losses puts you out of business.
you r right bro.......i want to understand the movements although i earn some pips but not with confidence
  • #250,622
  • Sep 2, 2010 9:15am Sep 2, 2010 9:15am
Quoting wormboy
I hope he decides to close the trade before nfp tomorrow. That -200 pips can easily be -400 by then. Playing with fire this ...
hmmmmmmmmmmmmmmmmmmmmmmmmmmmm
  • #250,623
  • Sep 2, 2010 9:16am Sep 2, 2010 9:16am
Quoting cloggie
Zameer, here is my bigger picture asschart with the larger TF levels to watch. This is H4, and the next level to go (5348) will open the way for a nice long drop, one that would start to worry Navin to no end....

Having a picture in your mind of the larger TF levels gives you an indication of where the big boys are going, just like bbmac said above.

The big boys play the big game, they are not out to scalp a few pips here and there, having an understanding of the bigger picture would make your trading so much more profitable.

The one function...
thanks bro
  • #250,624
  • Sep 2, 2010 9:16am Sep 2, 2010 9:16am
Quoting wormboy
I hope he decides to close the trade before nfp tomorrow. That -200 pips can easily be -400 by then. Playing with fire this ...

NFP is going to be a big one tomorrow, it is an early indicator to see where the economy is going to go and where the equities are going for the rest of the month.

The big boys are worried, China is selling of T-bills at an alarming rate and are buying up euros. This is going to be an interesting autumn ahead of us.

We could do with a 400 pip NFP day to start of the trading season on Tuesday.
  • #250,625
  • Sep 2, 2010 9:18am Sep 2, 2010 9:18am
Quoting GlobalMacro
She's being territorial...

Housing prices depressing her yet again...being off screen couldn't take a short...

I'll be zipping into waiting mode...
She's now threatening...

Is this part of her sh!t test or is she for real?
Attached Image (click to enlarge)
Click to Enlarge Name: H1.gif Size: 10 KB
Hear the music before the song is over ...
  • #250,626
  • Sep 2, 2010 9:19am Sep 2, 2010 9:19am
Quoting cloggie
Zameer, here is my bigger picture asschart with the larger TF levels to watch. This is H4, and the next level to go (5348) will open the way for a nice long drop, one that would start to worry Navin to no end....
Hi Cloggie

When you talk about the next level to go do you wait for a H1/H4 candle to close under that level or do you always wait for a retracement to confirm it?
  • #250,627
  • Sep 2, 2010 9:21am Sep 2, 2010 9:21am
Quoting Delite
Hi Cloggie

When you talk about the next level to go do you wait for a H1/H4 candle to close under that level or do you always wait for a retracement to confirm it?

As to the big levels, I wait for confirmation it can take hours for one to give. And keep in mind just as on the lower TF, there is usually a test, a fake a retest and then the final break.

I always look at the bigger picture for confirmation, the correlated crosses, the fundamentals around us, even the time of day is important, close to the LC you are not going to see a likely break on H4 and daily supports. Things like ADR and fibs are part of it too.

H4 and Daily SR's need the bigger picture view to be confirmed.
  • #250,628
  • Sep 2, 2010 9:24am Sep 2, 2010 9:24am
Quoting cloggie
As to the big levels, I wait for confirmation it can take hours for one to give. And keep in mind just as on the lower TF, there is usually a test, a fake a retest and then the final break.

http://clip2net.com/clip/m0/1283437361-clip-28kb.png
it was a fake?
  • #250,629
  • Sep 2, 2010 9:25am Sep 2, 2010 9:25am
Quoting baruch
http://clip2net.com/clip/m0/1283437361-clip-28kb.png
it was a fake?

There you go, great example. one of the big boys was on the can and got to his terminal late taking his profit.....
  • #250,630
  • Sep 2, 2010 9:25am Sep 2, 2010 9:25am
Quoting kaspopsicle
Well done, i still cant do it
And you have the little balls to have ago at someone else for not doing it either....

Stupid is as stupid does...

At least I trade with real money and make real profits from it daily.
Do you?????
  • #250,631
  • Sep 2, 2010 9:25am Sep 2, 2010 9:25am
Quoting cloggie
Ah sh!t, I didn't even see that until you pointed it out. You seem to close your trades at 10-20 pips so you would need anything upto 20 consecutive winners to make up for that one.
One of the biggest fallacies I see on here is newer traders (non-scalpers) getting congratulated, normally by other new traders, for taking 10-20 pips profit on a position, something which is met with the usual platitudes, along the lines of; "some pips is better than no pips" or "a trader never became poor from taking profit"....

However, in many cases, that very same account has experienced a major drawdown -often 200-300 pips - before coming back into profitable territory.

This is a very dangerous road to travel for a new trader and a habit that must be broken. You must be able to accept a loss, take the hit at the level you pre-determined with your analysis before taking the position, and have the patience to leave your winning trades to fulfill as much of their potential as is possible.

Sorry to single you out Zameer, friend. Keep asking questions on this thread and learn from the good traders that contribute.
  • #250,632
  • Sep 2, 2010 9:26am Sep 2, 2010 9:26am
Quoting baruch
http://clip2net.com/clip/m0/1283437361-clip-28kb.png
it was a fake?
you sold right into a piercing pattern

It won't be a smooth ride down for you my friend, hang on tight ..
Thank You
  • #250,633
  • Sep 2, 2010 9:26am Sep 2, 2010 9:26am
Quoting cloggie
There you go, great example. one of the big boys was on the can and got to his terminal late taking his profit.....

it means im fucked? lol
  • #250,634
  • Sep 2, 2010 9:28am Sep 2, 2010 9:28am
Quoting baruch
it means im fucked? lol
well...buddy....that's a question only you can answer with your own six senses....
Hear the music before the song is over ...
  • #250,635
  • Sep 2, 2010 9:28am Sep 2, 2010 9:28am
Quoting baruch
it means im fucked? lol
yea baruch ... before ze germans get there

Inserted Video
Thank You
  • #250,636
  • Sep 2, 2010 9:29am Sep 2, 2010 9:29am
Quoting baruch
it means im fucked? lol

Not necesarily, but don't go selling H4 support on the first M1 candle you see. Would I have taken a short here? At this time, never.

The big supports are holding patterns for the big boys, they are like playing chicken while driving. The big boys, and some retailers will keep testing them with little teasers to see who blinks first. They take time to give, think of it they took hours to form, what makes you think that 1,000's of traders are going to jump on the first M1/M5 bar that goes below it?

Try to figure out how the rest of the crowd is going to behave around these levels, look at the bigger picture, the equities, the dixy, the other correlated pairs etc.
  • #250,637
  • Sep 2, 2010 9:29am Sep 2, 2010 9:29am
Hi, could you tell me how you knew from Zameers chart that he was on a 200pip drawdown. I'd read that he'd gone short at around 15395.
All systems of divination, like music itself,work through patterns.
  • #250,638
  • Sep 2, 2010 9:31am Sep 2, 2010 9:31am
Quoting wormboy
yea baruch ... before ze germans get there
zey are alGHedi on zeir way home...
Hear the music before the song is over ...
  • #250,639
  • Sep 2, 2010 9:31am Sep 2, 2010 9:31am
Quoting kaspopsicle
Hi, could you tell me how you knew from Zameers chart that he was on a 200pip drawdown. I'd read that he'd gone short at around 15395.

Look at that buy on the top of his chart.....
Attached Image (click to enlarge)
Click to Enlarge Name: Zameer's chart.gif Size: 42 KB
  • #250,640
  • Sep 2, 2010 9:33am Sep 2, 2010 9:33am
Quoting cloggie
Not necesarily, but don't go selling H4 support on the first M1 candle you see. Would I have taken a short here? At this time, never.

The big supports are holding patterns for the big boys, they are like playing chicken while driving. The big boys, and some retailers will keep testing them with little teasers to see who blinks first. They take time to give, think of it they took hours to form, what makes you think that 1,000's of traders are going to jump on the first M1/M5 bar that goes below it?

Try to figure out how the rest of the crowd is...
Actually i was waiting a m30 close below H4 before sell it, but you know, the price was going down, and i got into it... I have to train my brain to not do stupid things that i know is stupid.
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