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Cable Update (GBPUSD)

  • #254,501
  • Sep 20, 2010 7:16pm Sep 20, 2010 7:16pm
hi all dam i need to get some sleep its 3AM any way see u below 15500 and good luck all ,

WB on bro
  • #254,502
  • Edited 7:41pm Sep 20, 2010 7:27pm | Edited 7:41pm
Quoting Capn79
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,
hi capn79

the thing that helped me stay profitable is by exercising conservative risk. I've not risked trading more than 2% of my total equity at any given time for a while now. Of course, the gains are not spectacular by any means but they've been steady. Keeping risk low is paramount to maintaining a proper psychological makeup imo.
To give you an idea of what I'm talking about, here's an example of how I trade:
1. http://www.forexfactory.com/showpost...postcount=8362

Have a good one
Thank You
  • #254,503
  • Sep 20, 2010 7:41pm Sep 20, 2010 7:41pm
on my H4 chart, Cable is in the oversold area. for all those ready to sell like me.... in order to be on a safer side, pls wait for an uptrend retrace before selling. happy pipping.
  • #254,504
  • Sep 20, 2010 7:48pm Sep 20, 2010 7:48pm
Quoting malcolmb14
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 ?

don't mind if it goes the other way either. In any case, the dp is the line in the sand for me, will only go long if price close above it.
Thank You
  • #254,505
  • Sep 20, 2010 7:50pm Sep 20, 2010 7:50pm
Quoting wormboy
hi capn79

the thing that helped me stay profitable is by exercising conservative risk. I've not risked trading more than 2% of my total equity at any given time for a while now. Of course, the gains are not spectacular by any means but they've been steady. Keeping risk low is paramount to maintaining a proper psychological makeup imo.
To give you an idea of what I'm talking about, here's an example of how I trade:
1. http://www.forexfactory.com/showpost...postcount=8362

Have a good one
Wormboy,
Thanks for sharing, it's very much appreciated. There are posters here that I follow a bit more (you, cloggie) as the clarity and understanding are obvious and quite helpful. I started laughing at your response to kotemamak (sp?)... haha

I've been analyzing the r/r ratio in my personal account, and have allotted certain risk to certain trade setups. ie for the LO, I risk a higher percentage as it's r/r is better than it is during the franky fake for example.

I know you trade longer term setups, so I'm wondering if there are certain set ups where you risk more, as opposed to others. It also seems as though fx has yet to return to normal fall trading season, but wonder that this is attributable to current gov't policy in the U.S. and abroad.
What we obtain too cheap, we esteem too lightly.
  • #254,506
  • Sep 20, 2010 8:04pm Sep 20, 2010 8:04pm
Quoting Lejumeau
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. ;-)
Going Long
1hr bullish reversal and 4 hr bullish candle on 50% fib and support from previous day.
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  • #254,507
  • Sep 20, 2010 8:07pm Sep 20, 2010 8:07pm
Quoting Capn79
I know you trade longer term setups, so I'm wondering if there are certain set ups where you risk more, as opposed to others. .
you're welcome my friend.

No I don't risk more on different setups ie scalping, even when scalping the maximum risk is capped at 2% maximum & different market sessions has no bearing on my risk management either. They're all treated equally the same.

Welp, I'm off till LO. Catch you later & good luck with your trading
Thank You
  • #254,508
  • Sep 20, 2010 8:08pm Sep 20, 2010 8:08pm
Well, got my 200 on the 5m, took a few trailers for the ride...

Out here, will see whatsa shaking later on...
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #254,509
  • Sep 20, 2010 8:12pm Sep 20, 2010 8:12pm
my 100$ account contd.



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HEY GUYS THIS IS MY SIMPLE EXPLANATION..
TRADE ONLY ON RETRACEMENTS AS SHOWN BELOW..
  • #254,510
  • Sep 20, 2010 8:13pm Sep 20, 2010 8:13pm
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Red
  • #254,511
  • Sep 20, 2010 8:18pm Sep 20, 2010 8:18pm
Quoting redsword11
Attachment



Red
Like your simplicity Reds
  • #254,512
  • Sep 20, 2010 8:41pm Sep 20, 2010 8:41pm
Quoting Magix
Well, got my 200 on the 5m, took a few trailers for the ride...

Out here, will see whatsa shaking later on...
Speaking of the 200 lol, have taken a few longs from just below the hourly 200 1.5540 area to take a crack at yesterdays high . Todays daily pivot (1.5589) and my weekly open area (1.5621) are tgts on the way up . 8 hour chart with just the macd averages on the price which form the average band. With the 8 hour time frame when price is trending up the hourly 200 will be close to the same area as the bottom average in the band , when trending down the hourly 200 is near the top average . As you can see on the retrace the hourly 200 or top average in the band done a good job of containing price and giving accurate entries . Macd indicater crossed the 0 line when the averages crossed now using the average band to go the other way . Real simple set up to help determine wheres and when if you like using the 200 ema s for a little longer term out look . cheers all
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  • #254,513
  • Sep 20, 2010 9:04pm Sep 20, 2010 9:04pm
Quoting wormboy
you're welcome my friend.

No I don't risk more on different setups ie scalping, even when scalping the maximum risk is capped at 2% maximum & different market sessions has no bearing on my risk management either. They're all treated equally the same.

Welp, I'm off till LO. Catch you later & good luck with your trading
Much appreciated, and thanks for sharing! See you at the LO.
What we obtain too cheap, we esteem too lightly.
  • #254,514
  • Sep 20, 2010 9:15pm Sep 20, 2010 9:15pm
Quoting digger1
Speaking of the 200 lol, have taken a few longs from just below the hourly 200 1.5540 area...
Ahhh dig...

You most likely right again on the length of the hold...These little shakes can almost make you wonder how much topside steam there is left in cable...

I play them as I see them...

Consistency...I might not take every trade, might not make every pip, but more wins then losses still helps the account build.

My real issue isn't so much with cable as with GBP on the whole.

Dragon taking its massive topside run last week, and knowing that it will most probably do a sizeable retrace, I think a lot of the weakness we have been seeing in cable is dragon draggin....

Fundamentally, well, you know me, could really give a shit less, and this is an area of consolidation that I have posted the same chart on now for close to a month....range...I can trade, in like a lamb, out like a lion...

It's just these days, I have installed a seat belt onto my desk chair and been wearing a crash helmet....this shit is crazy!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #254,515
  • Sep 20, 2010 9:17pm Sep 20, 2010 9:17pm
Last week I left an order in to buy GBP/USD at 1.5535 which I missed by 2 pips when the pair spiked down on news. It didn't get filled before the end of the trading week and it came very close today. However, I changed my entry to 1.5545 because I watched today as we traded oh so close to my original entry but seemed to stall just above it. I was filled and now have a target of 1.5900 and stop loss of 1.5430. I will also consider adding to this position if we see a further push into the low 1.55s.

If you take a look at the daily chart, I believe we're in at least a temporary uptrend. After the run up to the 1.6000 area I feel we've put in a bottom near 1.5300 and this pullback from most recent highs is a buying opportunity. This 1.5500/1.5550 zone has proven to be pretty decent support/resistance in the post which I've depicted with the ellipses on the chart:

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Zooming in a bit to the 4 hour chart we can also see that this area is the 50% fib retracement of our most recent move up. Now, we can also see that the MACD and stochastics looks like they have more potential to unwind yet and price could move down even further... perhaps even to the dark blue up-trend line. That's why I'm only entering here with about half my usual position and prepared to add more on a deeper correction or confirmation of a bottom at these levels:

Attached Image (click to enlarge)
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I also have analysis for my AUD/USD and USD/CAD trades on my blog if interested.
check out my blog: forexmademillionaire dot com
  • #254,516
  • Sep 20, 2010 9:41pm Sep 20, 2010 9:41pm
Quoting digger1
Speaking of the 200 lol, have taken a few longs from just below the hourly 200 1.5540 area to take a crack at yesterdays high . Todays daily pivot (1.5589) and my weekly open area (1.5621) are tgts on the way up . 8 hour chart with just the macd averages on the price which form the average band. With the 8 hour time frame when price is trending up the hourly 200 will be close to the same area as the bottom average in the band , when trending down the hourly 200 is near the top average . As you can see on the [color=blue][u]retrace...
You lead the way and I'll gather the scraps. The PA respected the 1H 200ema and used a 1M compression as a spring to change direction.

Dr. D.
Attached Images
  • #254,517
  • Sep 20, 2010 10:17pm Sep 20, 2010 10:17pm
Quoting redsword11
Attachment



Red

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  • #254,518
  • Sep 20, 2010 10:28pm Sep 20, 2010 10:28pm
  •  samirb
  • | Joined Nov 2009 | Status: Investing is simple, but not easy. | 247 Posts
Quoting samirb
Good luck in your trades

Good day everyone
updated chart.. my TP for long term is 15900 to 15930.

wishing you all GOOD LUCK
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  • #254,519
  • Sep 20, 2010 10:45pm Sep 20, 2010 10:45pm
Quoting fourxtrader
You lead the way and I'll gather the scraps. The PA respected the 1H 200ema and used a 1M compression as a spring to change direction.

Dr. D.
Too costly to leave much behind , happy harvesting doc
Attached Image
  • #254,520
  • Sep 20, 2010 10:46pm Sep 20, 2010 10:46pm
Quoting samirb
Good day everyone
updated chart.. my TP for long term is 15900 to 15930.

wishing you all GOOD LUCK
I think its a 5-0 pattern you are referring to.
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