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Cable Update (GBPUSD)

  • #262,601
  • Nov 1, 2010 10:39am Nov 1, 2010 10:39am
Quoting primzvicious
900 pls.... my short position get stuck

Why not cut your losses earlier, not only do you risk getting stopped out but you tie up increasing capital in a losing trade so you can't use that to take another trade so you end up losing 3 times, once for the tied capital, once because of not taking a trade in the right direction and once when the price moves back to your original entry.

Think about that, and cut your losses a lot earlier.

You end up paying a lot more then just the loss for holding on to losing trades. Even getting out at BE is still a loss.
  • #262,602
  • Nov 1, 2010 10:41am Nov 1, 2010 10:41am
Quoting wormboy
previous month resistance was @994, today's dp is @980.
We've just closed below a mid @6029.
Oh right thanks....its just i had 988 marked because it met resistance on Friday and it had a large rejection from there at 1am this morning and obviously it was near the DP

Am i reading this wrong? Thanks for your help.
Enter Signature
  • #262,603
  • Nov 1, 2010 10:43am Nov 1, 2010 10:43am
Quoting cloggie
Why not cut your losses earlier, not only do you risk getting stopped out but you tie up increasing capital in a losing trade so you can't use that to take another trade so you end up losing 3 times, once for the tied capital, once because of not taking a trade in the right direction and once when the price moves back to your original entry.

Think about that, and cut your losses a lot earlier.

You end up paying a lot more then just the loss for holding on to losing trades. Even getting out at BE is still a loss.
i already hedge on her way up on friday... and re-open it at my second short position... which one is better?
Verily, in every difficulties there is relief
  • #262,604
  • Nov 1, 2010 10:44am Nov 1, 2010 10:44am
Quoting primzvicious
i already hedge on her way up on friday... and re-open it at my second short position... which one is better?

Cutting the loss early allows you more margin for the move up so you will end up a net greater winner overall. Hedging it is still a zero sum setup, probably a net loss as you pay for spread twice. Pshycologically you end up focusing on getting that trade to zero instead of finding a winning setup, so no matter how you look at it you end up on the losing side.
  • #262,605
  • Nov 1, 2010 10:44am Nov 1, 2010 10:44am
Just back at desk for a few mins after my trading sessionended earlier thjis london a.m. 4 x 1hr spikes up to that previosu 4hr/daily swing hi zone, sup0py found edach time, the current 99pip intraday correction fvrom current 6088 intraday hi finding a current pullback lo at 38.2% of 5876-said 6088 confluence with steepest 1hr ascending trend line.

G/L

http://www.easy-upload.net/fichiers/z.2010111164258.gif
ex member
  • #262,606
  • Nov 1, 2010 10:46am Nov 1, 2010 10:46am
Bearish divergence set-ups 15min to 1hr at the current 6088 hi, 30min shown below.

G/L

http://www.easy-upload.net/fichiers/z.2010111164638.gif
ex member
  • #262,607
  • Nov 1, 2010 10:47am Nov 1, 2010 10:47am
Quoting darrenware
Oh right thanks....its just i had 988 marked because it met resistance on Friday and it had a large rejection from there at 1am this morning and obviously it was near the DP

Am i reading this wrong? Thanks for your help.
you're not wrong. 994 was previous month res level, only 6 pips away from where you marked yours.
Thank You
  • #262,608
  • Nov 1, 2010 10:48am Nov 1, 2010 10:48am
Quoting wormboy
you're not wrong. 994 was previous month res level, only 6 pips away from where you marked yours.
6006 has to give first before either of our targets come into play.
  • #262,609
  • Nov 1, 2010 10:49am Nov 1, 2010 10:49am
Thanks for the confirmation

Quoting wormboy
you're not wrong. 994 was previous month res level, only 6 pips away from where you marked yours.
Enter Signature
  • #262,610
  • Nov 1, 2010 10:49am Nov 1, 2010 10:49am
Quoting wormboy
if it can do that within a minute of testing my target I'll take it lol. I'm not gonna hold this short a minute longer after the target arrives
btw, 926 is the monthly pvp. just a heads up

Hi WM

it's also 76.4% fib of the 5876-6088 rise and the topside of a previous 1hr descending trend line that was beeched to the upside in move to said 6088 Hi.

G/L
ex member
  • #262,611
  • Nov 1, 2010 10:50am Nov 1, 2010 10:50am
cleared short for profit
Thank You
  • #262,612
  • Nov 1, 2010 10:50am Nov 1, 2010 10:50am
Quoting cloggie
Cutting the loss early allows you more margin for the move up so you will end up a net greater winner overall. Hedging it is still a zero sum setup, probably a net loss as you pay for spread twice. Pshycologically you end up focusing on getting that trade to zero instead of finding a winning setup, so no matter how you look at it you end up on the losing side.
understood...
Verily, in every difficulties there is relief
  • #262,613
  • Nov 1, 2010 10:51am Nov 1, 2010 10:51am
Quoting primzvicious
understood...

Just a different way of looking at it. The CFTC did get the no hedging rule right, there is nothing to gain by doing it. Go back over your trades and be honest with your self and see how much you actually missed out by hedging a losing position. You tie up capital, you end up focusing on regaining a loss and in the end you miss out on all the interim profitable trades.
  • #262,614
  • Nov 1, 2010 10:52am Nov 1, 2010 10:52am
Quoting wormboy
cleared short for profit
sorry, here's why. I had a failed ltl. 6029 is the mid tho, close above this and short is out of sight for a while imo. good luck
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.png Size: 38 KB
Thank You
  • #262,615
  • Nov 1, 2010 10:54am Nov 1, 2010 10:54am
Quoting wormboy
sorry, here's why. I had a failed ltl. 6029 is the mid tho, close above this and short is out of sight for a while imo. good luck
IF 6037 holds our targets are still in play once 6006 goes.
  • #262,616
  • Nov 1, 2010 10:54am Nov 1, 2010 10:54am
Quoting cloggie
6006 has to give first before either of our targets come into play.
I already took my money and ran brother
Thank You
  • #262,617
  • Nov 1, 2010 10:55am Nov 1, 2010 10:55am
Quoting wormboy
I already took my money and ran brother

I will cover once I see 6029 playing out, I got in nice and early.
  • #262,618
  • Nov 1, 2010 10:55am Nov 1, 2010 10:55am
Quoting darrenware
Thanks for the confirmation
you're welcome mate

Quoting bbmac
Hi WM

it's also 76.4% fib of the 5876-6088 rise and the topside of a previous 1hr descending trend line that was beeched to the upside in move to said 6088 Hi.

G/L
Hi mac, thanks for the heads up. I didn't realise it was till you mentioned it. Have a good one
Thank You
  • #262,619
  • Nov 1, 2010 10:56am Nov 1, 2010 10:56am
Targeting 1.6050 for a short term...
  • #262,620
  • Nov 1, 2010 10:57am Nov 1, 2010 10:57am
Quoting cloggie
I will cover once I see 6029 playing out, I got in nice and early.

Bah humbug, covered.
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