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Cable Update (GBPUSD)

  • #257,841
  • Oct 1, 2010 7:44am Oct 1, 2010 7:44am
Quoting TommyPips
Hi Chazzle,

My short just got spiked!...stop loss hit.

Only traded 3 days this week - my worst ever trades - no profit this week!

This morning I went long very early and got spiked, had my stop loss been another 10 pips bigger I would have been on the big ride upwards!

Everyone reporting back with lots of pips and big profits - except me!....lol

Try again Monday!
Don't worry-everyone has bad weeks,probably even Cloggie and Wormboy,lol.I've had some horrific weeks-just dont put too much at risk.Hope all goes well next week for you.
And leave enough room for price to move-don't set stops too tight-look at the volatility at the moment-price is easily going 200 pips one day,150 the next in the opposite direction
  • #257,842
  • Oct 1, 2010 7:44am Oct 1, 2010 7:44am
Did any fundamentals cause this move?
  • #257,843
  • Oct 1, 2010 7:45am Oct 1, 2010 7:45am
Quoting chazzle
ok short@15855-will see how it goes
ok I closed for 38
  • #257,844
  • Oct 1, 2010 7:46am Oct 1, 2010 7:46am
could still see some support above 15780
  • #257,845
  • Oct 1, 2010 7:46am Oct 1, 2010 7:46am
Quoting chazzle
ok I closed for 38

Good Call
Enter Signature
  • #257,846
  • Oct 1, 2010 7:47am Oct 1, 2010 7:47am
Quoting chazzle
scalp-mode 20 pips up already

Did you have a sell limit parked up at 1.5855 to get in? I was able to get in a sell at 1.5545/47 to short her.

Peace
  • #257,847
  • Oct 1, 2010 7:49am Oct 1, 2010 7:49am
Quoting Sunsi
Post a chart ?
here it is ...
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 36 KB
... feel better day by day.
  • #257,848
  • Edited 7:57am Oct 1, 2010 7:49am | Edited 7:57am
1.5822 Long for small scalp.


Dont copy me lol
Enter Signature
  • #257,849
  • Oct 1, 2010 7:50am Oct 1, 2010 7:50am
Quoting chazzle
Don't worry-everyone has bad weeks,probably even Cloggie and Wormboy,lol.I've had some horrific weeks-just dont put too much at risk.Hope all goes well next week for you.
Thanks!

I only ust got stopped out by that spike - now look it's going the right way.....aaaahhhHHHH....I can't win this week.

Looking back at my duff trades this week, if I had, had a wider stop loss I would have been safe. All trades turned against me then went back in my original direction.

I always tend to use a 30 stop loss (should have been 40 this week) lots of up/downs/spiking going on this week.

Out of interest what doe's everyone else deem as a suitable stop loss?
  • #257,850
  • Oct 1, 2010 7:52am Oct 1, 2010 7:52am
Quoting disegnosys
Did you have a sell limit parked up at 1.5855 to get in? I was able to get in a sell at 1.5545/47 to short her.

Peace
originally had my eye on 15850,but price got down to 15820 before that,so I thought the next up move would break it-tried 15860 but the price was there for only a split second-just looking@S&R levels
  • #257,851
  • Oct 1, 2010 7:52am Oct 1, 2010 7:52am
Quoting TommyPips
Hi Chazzle,

My short just got spiked!...stop loss hit.

Only traded 3 days this week - my worst ever trades - no profit this week!

This morning I went long very early and got spiked, had my stop loss been another 10 pips bigger I would have been on the big ride upwards!

Everyone reporting back with lots of pips and big profits - except me!....lol

Try again Monday!
If it's any consolation, I got stopped out too on what looked like a nice short. I was hoping for at least a 38.2 retrace on the big move up. This whole market is geared to take out the weak hands like me. Find any logical low risk entry point and you can bet you bottom dollar that price will return to that point to get the little guys before it carries on its way.

Reducing your risk too soon is fatal if you want to take part in the bigger moves. I was up 25 on that short but when it stalled out I didn't want to risk a loser so I moved to B/E.

Any advice guys? Is a 20-30 pip stop mandatory if you want to ride these big moves?

Thanks
  • #257,852
  • Oct 1, 2010 7:53am Oct 1, 2010 7:53am
What did cause this volatile 20 min?
Any fundamentals?
  • #257,853
  • Oct 1, 2010 7:55am Oct 1, 2010 7:55am
Quoting TommyPips
Thanks!

I only ust got stopped out by that spike - now look it's going the right way.....aaaahhhHHHH....I can't win this week.

Looking back at my duff trades this week, if I had, had a wider stop loss I would have been safe. All trades turned against me then went back in my original direction.

I always tend to use a 30 stop loss (should have been 40 this week) lots of up/downs/spiking going on this week.

Out of interest what doe's everyone else deem as a suitable stop loss?

You can't use a blanket stop loss for each and every trade, SL's are just as important as your entries and just slapping on a 30 pip stop without looking at the bigger picture is a bit silly.

Either use pivot's, SR's or fib levels to find your stops, alternatively use the intermediate swings on M5/15 if you are an intra day trader or M30/H1 if you hold trades over night, H4/daily if you are a position trader.

As a trader, don't just focus on your entries, that is only 5% of your trading, stops, TP's, TS's, scaling in and out, taking partials, adding to the good ones are all important too.

You also need to adjust your stops based on your entry style, if your entries are sloppy then you need larger stops.
  • #257,854
  • Oct 1, 2010 7:55am Oct 1, 2010 7:55am
Quoting darrenware
1.5822 Long for small scalp.


Dont copy me lol

Moved SL to BE
Enter Signature
  • #257,855
  • Oct 1, 2010 7:55am Oct 1, 2010 7:55am
Quoting Sunsi
What did cause this volatile 20 min?
Any fundamentals?

Personal Income news US.
  • #257,856
  • Oct 1, 2010 7:58am Oct 1, 2010 7:58am
Quoting TommyPips


Out of interest what doe's everyone else deem as a suitable stop loss?
If you can set 50-100 Stop and only risk 1% that would be better,depends what you are doing-position/scalp.
  • #257,857
  • Oct 1, 2010 8:00am Oct 1, 2010 8:00am
Quoting chazzle
If you can set 50-100 Stop and only risk 1% that would be better,depends what you are doing-position/scalp.

How is a 100 pip stop better if the guy is only looking for a 15 pip gain? Making blanket statements like that are about as useful as a chocolate teacup.
  • #257,858
  • Oct 1, 2010 8:00am Oct 1, 2010 8:00am
Quoting Sutts
If it's any consolation, I got stopped out too on what looked like a nice short. I was hoping for at least a 38.2 retrace on the big move up. This whole market is geared to take out the weak hands like me. Find any logical low risk entry point and you can bet you bottom dollar that price will return to that point to get the little guys before it carries on its way.

Reducing your risk too soon is fatal if you want to take part in the bigger moves. I was up 25 on that short but when it stalled out I didn't want to risk a loser so I moved to B/E....
Thanks Sutts
  • #257,859
  • Oct 1, 2010 8:03am Oct 1, 2010 8:03am
Quoting cloggie
How is a 100 pip stop better if the guy is only looking for a 15 pip gain? Making blanket statements like that are about as useful as a chocolate teacup.
thats why I said it depends what he is doing-I just want to give the idea that a stop should be relative to how much something moves
  • #257,860
  • Oct 1, 2010 8:05am Oct 1, 2010 8:05am
Quoting cloggie
How is a 100 pip stop better if the guy is only looking for a 15 pip gain? Making blanket statements like that are about as useful as a chocolate teacup.
Not to contradict you Cloggie, but i had a chocolate teacup for easter and it was awesome. After eating many eggs and feeling sick i filled it with milk and drank it as i ate the rim. Good times.. good stuff..
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