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Cable Update (GBPUSD)

  • #254,481
  • Sep 20, 2010 5:59pm Sep 20, 2010 5:59pm
Quoting dil
1.42 ? what drugs you did before posting that
You have made such an impression around here, before I take trades, I say to myself...

What would dil do....?

I have come to say it so many times, I have now just shortened this, to when ever I see you post, I just say....DILDO!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #254,482
  • Sep 20, 2010 6:12pm Sep 20, 2010 6:12pm
Quoting Magix
Heya Alex...

I'd take what ever I can get....heh.

Watching the lows of London and my daily pivot shows at the 587 level, posted earlier, some place in that area...won't be holding my breath on that one, but who knows....

Glad to see the looking part of your reply. This statement alone shows that you are exercising some patience and apply it to what you are seeing in your charts.

Awesome.

How has the start of the week treated you so far?
Hi Magix, not bad so far, caught the short yesterday for 80 pips.

how bout u?
  • #254,483
  • Sep 20, 2010 6:22pm Sep 20, 2010 6:22pm
  • #254,484
  • Sep 20, 2010 6:24pm Sep 20, 2010 6:24pm
Quoting pawpaw1000
Heya Wormy,

Mind elaborating? I must say that to achieve returns like this one does risk a bit more and if one had a 100k account, I doubt I' risk more than 1%...

I think 10% pm is achievable, what do you think?

PS This is coming from someone trading a Micro Account

hi pawpaw

well ..

Quoting pawpaw1000

Mind elaborating? I must say that to achieve returns like this one does risk a bit more and if one had a 100k account, I doubt I' risk more than 1%...
There you have it ... not having to risk more than 1% but expecting at least 10% profit regularly? Have you ever heard of such a certainty? Notice that in my previous reply, not that I didn't say the likes of 10%pm cannot be done, I meant that it cannot be done consistently ... no matter what people tell you. The psychology is just not the same.

ps this is coming from someone trading a little bit more than a 100k account
Thank You
  • #254,485
  • Sep 20, 2010 6:33pm Sep 20, 2010 6:33pm
Quoting alex1976
Hi Magix, not bad so far, caught the short yesterday for 80 pips.

how bout u?
Very well done.

Sounds like the start of a pretty great week for ya. Couple more of those, and you can finish your trade week off by Wednesday!



Me, just hanging in...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #254,486
  • Edited 6:40pm Sep 20, 2010 6:37pm | Edited 6:40pm
Quoting wormboy
hi pawpaw

well ..



There you have it ... not having to risk more than 1% but expecting at least 10% profit regularly? Have you ever heard of such a certainty? Notice that in my previous reply, not that I didn't say the likes of 10%pm cannot be done, I meant that it cannot be done consistently ... no matter what people tell you. The psychology is just not the same.

ps this is coming from someone trading a little bit more than a 100k account
agreed..especially when they dealt with more than half million or million acc with damm bloody small leverage....lot size vs margin% will determine the psychology of the trading = result PM....usually not fixed and ~ 8-15% PM....

n offcause its pain compare with small amt with higher leverage...
  • #254,487
  • Sep 20, 2010 6:41pm Sep 20, 2010 6:41pm
Quoting Magix
Very well done.

Sounds like the start of a pretty great week for ya. Couple more of those, and you can finish your trade week off by Wednesday!



Me, just hanging in...

for sure, however these days, im very selective with my trades, so if i dont see a nice setup i will just leave it alone.
  • #254,488
  • Sep 20, 2010 6:43pm Sep 20, 2010 6:43pm
right, so the day closed bearish & price on the ltf are well below the d1, w1 & monthly pvp. Rightfully so, intraday I'll treat any upmove as retrace & will look for opportunity to sell. Let's see if we'll get a dp test @5588 for a short or we straightaway break previous day low @5535.

good luck.
Attached Image (click to enlarge)
Click to Enlarge Name: gud.gif Size: 24 KB
Thank You
  • #254,489
  • Sep 20, 2010 6:50pm Sep 20, 2010 6:50pm
Quoting wormboy
right, so the day closed bearish & price on the ltf are well below the d1, w1 & monthly pvp. Rightfully so, intraday I'll treat any upmove as retrace & will look for opportunity to sell. Let's see if we'll get a dp test @5588 for a short or we straightaway break previous day low @5535.

good luck.
Wormboy,

Thanks for your earlier post regarding psychology on larger accts compared to micros. As I continue to scale up my account, I've been focusing more on the overall psychology of larger trades... What helped you the most as you scaled up, and specifically, what helped you maintain the psychological approach as your account size continued to grow?

Thanks a ton,
What we obtain too cheap, we esteem too lightly.
  • #254,490
  • Sep 20, 2010 6:54pm Sep 20, 2010 6:54pm
Quoting alex1976
for sure, however these days, im very selective with my trades, so if i dont see a nice setup i will just leave it alone.
Seriously, great job.

I cannot even remember how many shit trades I have taken, just feeling like I needed to be in a trade...

Along the way, you get to pick up a few things that just help you to see a few more setups.

Ya don't need to catch em all, just make the ones that you do get, count.

Post your setups as they come. Showing others will help solidify your ideals on trades, and one of the best ways to keep consistent, is to be consistent.

Repetition is the mother of knowledge.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #254,491
  • Sep 20, 2010 6:59pm Sep 20, 2010 6:59pm
Quoting wormboy
hi pawpaw

well ..



There you have it ... not having to risk more than 1% but expecting at least 10% profit regularly? Have you ever heard of such a certainty? Notice that in my previous reply, not that I didn't say the likes of 10%pm cannot be done, I meant that it cannot be done consistently ... no matter what people tell you. The psychology is just not the same.

ps this is coming from someone trading a little bit more than a 100k account
I really can't agree with this statement. FX is highly leveraged and with the correct discipline and state of mind I think 20% per month is very doable (provided you aren't trading an account of tens of millions of dollars).

Take a look at this journal: http://www.elitetrader.com/vb/showth...6&pagenumber=1

The guy is a prop trader in the equity markets. He trades with 100k in capital and is up 2 or 300k for the year. He withdrawals his profits each week so he's never trading more than his 100k but if you take into account how much he's made this year he's doing better than 20% ROI on that 100k each month... consistently.

Psychology can make or break you, yes that's true. But if you can harness your emotions, FX is one of the most lucrative markets to trade.

Sorry... very off topic.
check out my blog: forexmademillionaire dot com
  • #254,492
  • Sep 20, 2010 6:59pm Sep 20, 2010 6:59pm
Quoting Magix
Seriously, great job.

I cannot even remember how many shit trades I have taken, just feeling like I needed to be in a trade...

Along the way, you get to pick up a few things that just help you to see a few more setups.

Ya don't need to catch em all, just make the ones that you do get, count.

Post your setups as they come. Showing others will help solidify your ideals on trades, and one of the best ways to keep consistent, is to be consistent.

Repetition is the mother of knowledge.
mm..sometime repetition can be mother all fuck-up mate....
so its depend on what fundamental basis in our trading...just my 2 cents
  • #254,493
  • Sep 20, 2010 7:02pm Sep 20, 2010 7:02pm
Quoting Geppy
I really can't agree with this statement....
  • #254,494
  • Sep 20, 2010 7:03pm Sep 20, 2010 7:03pm
Quoting Magix
Seriously, great job.

I cannot even remember how many shit trades I have taken, just feeling like I needed to be in a trade...

Along the way, you get to pick up a few things that just help you to see a few more setups.

Ya don't need to catch em all, just make the ones that you do get, count.

Post your setups as they come. Showing others will help solidify your ideals on trades, and one of the best ways to keep consistent, is to be consistent.

Repetition is the mother of knowledge.
Thanks Magix!
  • #254,495
  • Sep 20, 2010 7:03pm Sep 20, 2010 7:03pm
Quoting grashid
agreed...
alamak, kalau menutuh pun tarak masa ... kacau tu bai
how's raya bro?
Thank You
  • #254,496
  • Sep 20, 2010 7:03pm Sep 20, 2010 7:03pm
Quoting wormboy
right, so the day closed bearish & price on the ltf are well below the d1, w1 & monthly pvp. Rightfully so, intraday I'll treat any upmove as retrace & will look for opportunity to sell. Let's see if we'll get a dp test @5588 for a short or we straightaway break previous day low @5535.

good luck.
usd liekly gonna get killed tomorrow . Hence uj intervention move stopped dead and has been distributing

Look at your chart ... same set up as eu was last week before nice little 400 pip earner.. anyone for tea ?
Blogging daily now at www.volume.zone
  • #254,497
  • Sep 20, 2010 7:06pm Sep 20, 2010 7:06pm
Quoting master4forex
GBP/USD will bearish until 1.4200. Start your engine for Sell

GBP/USD have break 50 pivot level. next level it will try break 38.2 and 23.6 level

http://img534.imageshack.us/img534/2508/break.gif


http://img704.imageshack.us/img704/9439/sell.gif
I don't see a reverse yet for the down side.

Price closed at 50% fib with a morning star candle.
The next 4hr bar will close in an hour if it stay above this morning star I look for a bounce up with the stoch into oversold area ready to turn.

Funny How we see thing different, that is what make the market. ;-)
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 4hr20sept10.gif Size: 21 KB
  • #254,498
  • Sep 20, 2010 7:07pm Sep 20, 2010 7:07pm
Quoting wormboy
alamak, kalau menutuh pun tarak masa ... kacau tu bai
how's raya bro?
..raya busy mate....waiting for intervention....no ang pau..only got after raya...wow... 2 ribu pound....

got a lot of project lately...come skype ..cit cat a bit
  • #254,499
  • Sep 20, 2010 7:09pm Sep 20, 2010 7:09pm
Quoting grashid
mm..sometime repetition can be mother all fuck-up mate....
so its depend on what fundamental basis in our trading...just my 2 cents
Way to take the, "Glass is half empty", approach grash...

What you speak of my friend sounds a little like insanity as defined by Einstein.

“Insanity: doing the same thing over and over again and expecting different results".

I was more referring to the selection of criteria that one would find consistent success and repeat this same act.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #254,500
  • Sep 20, 2010 7:14pm Sep 20, 2010 7:14pm
Quoting Magix
Way to take the, "Glass is half empty", approach grash...

What you speak of my friend sounds a little like insanity as defined by Einstein.

“Insanity: doing the same thing over and over again and expecting different results.

I was more referring to the selection of criteria that one would find consistent success and repeat this same act.
..then u should stress that mate...
mm..now i understand u....

..chow
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