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Cable Update (GBPUSD)

  • #267,781
  • Dec 31, 2010 10:35am Dec 31, 2010 10:35am
Quoting fxvoilaaa
Cable really annoying this week. Up down up down. wtf.
Pull up your daily chart... zoom out on the chart.. You will see that we went sideways in this range. This has happened 3 times this year (This being the 3rd). Was actually a pretty easy pair to play this week.
Attached Image (click to enlarge)
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  • #267,782
  • Dec 31, 2010 10:40am Dec 31, 2010 10:40am
Quoting Ctic
Pull up your daily chart... zoom out on the chart.. You will see that we went sideways in this range. This has happened 3 times this year (This being the 3rd). Was actually a pretty easy pair to play this week.
but i thought the trend is your friend?
  • #267,783
  • Dec 31, 2010 10:47am Dec 31, 2010 10:47am
Quoting kaspopsicle
Thanks for the thought . Didnt leave the trade on overnight. Slowly building confidence. You are enough to make a girl pop on the spot BTW.
Confidence will come with time. I have faith you will get it. Back to that trade.. By your post, when you set your sl, that is the amount you are willing to lose (hence the risk you will take), which in that case was 30 pips.

Structure your contract size to a level where you wont care, for example 1 contract means you risk $300. If you worried about the trade and losing $300 scale it back to for example .5 contracts. Now you risk $150.

Lets say your confortable with that loss... Now you can leave the trade in overnight.

Then structure the TP's. 2, 3, 4, etc.. SO if you risk the 30 pips for $150 loss, tp1 would be your double.. You make $300. 3 would be your triple, you make $450. 4 would be your 4x.. you make $600.

Lets say you made your 4x which today you could of since 4x = 120 pips. Now you can take a couple losses and still be ahead.

Another thing you can do is close out portions of your postion as you hit your TP levels. SO at level 2, close out 1/3, level 3 close out 1/3 etc..

This has worked for me over the years..to build confidence... Hope this helps.

C.
  • #267,784
  • Dec 31, 2010 10:49am Dec 31, 2010 10:49am
Out at 15624. Really think thats me done for the year. Seriously cannot thank you all enough for all your help(excepting a very few whom my seniors have and prolly still are eradicating ) I love this thread in this Factory. Goodnight and Godbless to all who sail peacefully here. ....and all those bolshie testosterone charged seniors..who turn me on so much i cant sleep ..and onandon and on....
Kas x
All systems of divination, like music itself,work through patterns.
  • #267,785
  • Dec 31, 2010 11:18am Dec 31, 2010 11:18am
Quoting fxvoilaaa
but i thought the trend is your friend?
Yes.... And as history this year shows us when we get to this range, the trend is sideways...

Zoomed way out and drew a red line at ther range we are in atm... I could go back further too. 1995, 1993, 1989 etc...
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  • #267,786
  • Dec 31, 2010 11:22am Dec 31, 2010 11:22am
Quoting Ctic
Confidence will come with time. I have faith you will get it. Back to that trade.. By your post, when you set your sl, that is the amount you are willing to lose (hence the risk you will take), which in that case was 30 pips.

Structure your contract size to a level where you wont care, for example 1 contract means you risk $300. If you worried about the trade and losing $300 scale it back to for example .5 contracts. Now you risk $150.

Lets say your confortable with that loss... Now you can leave the trade in overnight.

Then structure the...
You are so beautiful...
I'm printing this post of yours out onto the wall in front of me, as a constant reminder of direction.
I'm jaw on the floor with respect for your experience and accuracy in assessing where newbs like me are at.
You "hope you have helped"......sh*t man you're like manna from heaven as my ol'e mum used to say.
OK everyone....
Give it up for .... Ctic..
love you, man x
All systems of divination, like music itself,work through patterns.
  • #267,787
  • Dec 31, 2010 11:34am Dec 31, 2010 11:34am
Quoting kaspopsicle
You are so beautiful...
I'm printing this post of yours out onto the wall in front of me, as a constant reminder of direction.
I'm jaw on the floor with respect for your experience and accuracy in assessing where newbs like me are at.
You "hope you have helped"......sh*t man you're like manna from heaven as my ol'e mum used to say.
OK everyone....
Give it up for .... Ctic..
love you, man x
TY for the kind words Kas... I know because I have been there before. I don't even want to get into how much $$$$ I lost before I started to even turn a small profit. I only gave you a piece of the puzzle though, there is much more to it. Entry and exit is key... Where to place the stops are key... the TP's etc...

You could be dead on with the analysis yet still take a loss because the stops are to short or TP's to long. But that is a conversation for another day.. Feel free to drop me a line or pm anytime if you want to go over charts or anything, any pairs doesn't matter.
  • #267,788
  • Dec 31, 2010 12:08pm Dec 31, 2010 12:08pm
Quoting Ctic
TY for the kind words Kas... I know because I have been there before. I don't even want to get into how much $$$$ I lost before I started to even turn a small profit. I only gave you a piece of the puzzle though, there is much more to it. Entry and exit is key... Where to place the stops are key... the TP's etc...

You could be dead on with the analysis yet still take a loss because the stops are to short or TP's to long. But that is a conversation for another day.. Feel free to drop me a line or pm anytime if you want to go over charts or anything,...
i wish there were an emoticon for a big kiss. Yeah, i got stopped on cable yesterday cos of spike that ran 32 pips ,,had set my stop at 25.Entry and exit...and s/l is key..but what you've said today re: RR is key for me in context of building confidence. Amazing thing about you is that i hadnt realised it.
Oh,... go and have a brilliant new years eve, you.!
Will be taking you up on your kind offer to feel free to drop you a line, thank you. Meanwhile, have a wonderful holiday. k x
All systems of divination, like music itself,work through patterns.
  • #267,789
  • Dec 31, 2010 12:19pm Dec 31, 2010 12:19pm
I scalped and didn't watch the time. Then the time stopped - damn. How you think markets will open on Monday, down or up from 1,55968? I'm bit worried...

Happy New Year, fellows.
  • #267,790
  • Dec 31, 2010 12:58pm Dec 31, 2010 12:58pm
Just had to post a thanks to kill for the vouch.Nice to know that I'm making some growth as a trader.

Ctic, I've read a couple of your latest posts and coouldn't agree more.I now make my sl 40 pips and try to keep so a 40 loss is no more than 2 or 3 percent of my total account. Makes it less stressful and alot easier to place the trade and walk away.

I just closed my 10 pip short that i placed after the pa crossed down and confirmed the 200ma on the 1m tf. 40 pip total from cable today, so I'm over themoon!!! I also just closed my long I placed last night on nzd/usd. It profited what my 10 cable short because I adjusted it due to lack of expirience with that pair.Just couldn't help placing the trade after seeing the setup, not to mention all the beautiful charts it has produced.

Since its freaky friday of the highest proportions (1- it is friday,2- end of the quarter, and most importantly as i can 3- NEW YEAR'S EVE!!!) I'm done until monday or tuesday probably as far as placing trades. Who knows if some drunk hedge fund manager at a new year's eve party passes out on his keyboard and places ridiculous trades!?Not trying to have any exposed risk.
  • #267,791
  • Dec 31, 2010 1:16pm Dec 31, 2010 1:16pm
would be interesting if the pa moves down to yesterday's high, which would also be about where the 200MA will be on the 5M tf. Hope the pic shows up.I've been having problems with trying to post them so I apologize if it goes wrong.
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  • #267,792
  • Dec 31, 2010 1:45pm Dec 31, 2010 1:45pm
Quoting chazzle
Last week I posted a chart of a possible H&S forming on D1

http://cdn.forexfactory.com/attachme...1&d=1292287774

I have updated this with a new chart as follows:

Friday opened @ LTL of ascending channel 15630 and dropped right down to the neckline of the H&S @ 15455 , where it bounced.This neckline is dynamic support and the LTL is dynamic resistance.Beyond this LTL is an area of static resistance (historical PA) @ 15675 - 15710.Cutting through this area next week is a DTL which is also...
Post enough charts , one of them will be right ... ... 15265 here we come
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  • #267,793
  • Dec 31, 2010 5:23pm Dec 31, 2010 5:23pm
Quoting kaspopsicle
i wish there were an emoticon for a big kiss. Yeah, i got stopped on cable yesterday cos of spike that ran 32 pips ,,had set my stop at 25.Entry and exit...and s/l is key..but what you've said today re: RR is key for me in context of building confidence. Amazing thing about you is that i hadnt realised it.
Oh,... go and have a brilliant new years eve, you.!
Will be taking you up on your kind offer to feel free to drop you a line, thank you. Meanwhile, have a wonderful holiday. k x
Kas,

TY and have a great New Years yourself.. chat next year.
  • #267,794
  • Edited 5:36pm Dec 31, 2010 5:35pm | Edited 5:36pm
Quoting Ineedpips9
Just had to post a thanks to kill for the vouch.Nice to know that I'm making some growth as a trader.

Ctic, I've read a couple of your latest posts and coouldn't agree more.I now make my sl 40 pips and try to keep so a 40 loss is no more than 2 or 3 percent of my total account. Makes it less stressful and alot easier to place the trade and walk away.

I just closed my 10 pip short that i placed after the pa crossed down and confirmed the 200ma on the 1m tf. 40 pip total from cable today, so I'm over themoon!!! I also just closed my long...
Hi Indeed,

Yes it does make it easier to live life and not be married to the charts. One rule I use for setting the stops is the Higher Highs, Higher lows... I use the daily but you can use really any chart... For example look at this hourly chart. Lets say you placed a trade in the blue highlighted candle. I would place my stop under the low of that candle plus a little cushion in case it breaks and comes back. Then wait it out... If it breaks that low, you could be in a wrong direction trade... But if your right look how each candle after that never broke the low.

At that point, after you get a nice gain... you can move up your stops... every nice candle you get in your direction you can move up... eventully price will take you out of the trade and not your emotions.

This is a simple example of how I set my stops, but it seems to work for me.

Caution though... This really only works when trending..when sideways actions you have to be a little more active.

C.
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  • #267,795
  • Dec 31, 2010 6:09pm Dec 31, 2010 6:09pm
Quoting chazzle
Post enough charts , one of them will be right ... ... 15265 here we come

LOL....Good one Chaz... or you could just post one chart that covers all bases..... Have a good New Year.

C.
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  • #267,796
  • Dec 31, 2010 6:28pm Dec 31, 2010 6:28pm
wow..wow..wow..(in sheepdog mode) did you all see our beautiful London new decade.? Worth catching it on BBC ipod if not. Prolly be up tomorrow.Sydney usually takes the biscuit but London went absolutely blindingly brilliant.Good vibes for us all for this new decade. Happies everyone.
All systems of divination, like music itself,work through patterns.
  • #267,797
  • Jan 1, 2011 3:05am Jan 1, 2011 3:05am
Happy New Year to all

and good luck in all your trades in 2011
  • #267,798
  • Jan 1, 2011 5:35am Jan 1, 2011 5:35am
http://i56.tinypic.com/xfz29.gif


History Repeats itself
  • #267,799
  • Jan 1, 2011 5:42am Jan 1, 2011 5:42am
http://i51.tinypic.com/2njgk6u.gif

Another View on Daily
  • #267,800
  • Jan 1, 2011 5:45am Jan 1, 2011 5:45am
http://i55.tinypic.com/1zea32e.gif

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