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Cable Update (GBPUSD)

  • #272,121
  • Edited 10:57am Feb 16, 2011 10:05am | Edited 10:57am
hi guys
im in the bed situation and i need your consults, my problem is i bought at 1.6056 and after that u know what happend to the price went down and unfortunately i wasnt patient enough and i hedge it at 1.6001. i knew it was an strong support there i couldnt rely on it because i thought the down trend is stronger an it would be continue its bearish movement .now the price is almost near my buy position and i have no idea should i close it and wait for pull back or the trend will go upper just give me your ideas plz
  • #272,122
  • Feb 16, 2011 10:05am Feb 16, 2011 10:05am
Quoting gsantri
Bearish divergence forming on M15-M30-H1.

Gonna be a big one imo, just be prepared.
Hope you made the most of it bro
  • #272,123
  • Feb 16, 2011 10:09am Feb 16, 2011 10:09am
Quoting yasi
hi guys
im in the bed situation and i need your consults
If I were you I would close at break even and count myself very lucky....don't hedge don't average a loser don't chase price and always have a hard stop ... (taken me a while to learn these basics )
  • #272,124
  • Feb 16, 2011 10:12am Feb 16, 2011 10:12am
Quoting yasi
hi guys
im in the bed situation and i need your consults, my problem is i bought at 1.6056 and after that u know what happend the price went down and unfortunately i wasnt pasiant enough and i hedge it at 1.6001. i knew it was an strong support there i couldnt rely on it becuse i thought the down trend is stronger an it would be continue its bearish movement .now the price is almost near my buy position and i have no idea should i close it and wait for pull back or the trend will go upper just give me your ideas plz
close ur position...accept the few pips lost..
  • #272,125
  • Feb 16, 2011 10:12am Feb 16, 2011 10:12am
man, what a crap retracement.
Enter Signature
  • #272,126
  • Feb 16, 2011 10:14am Feb 16, 2011 10:14am
Quoting yasi
hi guys
im in the bed situation and i need your consults, my problem is i bought at 1.6056 and after that u know what happend the price went down and unfortunately i wasnt pasiant enough and i hedge it at 1.6001. i knew it was an strong support there i couldnt rely on it becuse i thought the down trend is stronger an it would be continue its bearish movement .now the price is almost near my buy position and i have no idea should i close it and wait for pull back or the trend will go upper just give me your ideas plz
CLOSE Now...
Loose 16 Pips no Matter, CABLE will go DOWN again for Re-TEST Support 1.6006
Always looking the GREAT, never left GOOD Point...
  • #272,127
  • Feb 16, 2011 10:16am Feb 16, 2011 10:16am
Quoting yasi
hi guys
im in the bed situation and i need your consults, my problem is i bought at 1.6056 and after that u know what happend the price went down and unfortunately i wasnt pasiant enough and i hedge it at 1.6001. i knew it was an strong support there i couldnt rely on it becuse i thought the down trend is stronger an it would be continue its bearish movement .now the price is almost near my buy position and i have no idea should i close it and wait for pull back or the trend will go upper just give me your ideas plz
Close it now. Next time do not focus on entry only, plan also your exit, like SL to be use.
My edge ===> Patience
  • #272,128
  • Feb 16, 2011 10:36am Feb 16, 2011 10:36am
Quoting yasi
hi guys
im in the bed situation and i need your consults, my problem is i bought at 1.6056 and after that u know what happend the price went down and unfortunately i wasnt pasiant enough and i hedge it at 1.6001. i knew it was an strong support there i couldnt rely on it becuse i thought the down trend is stronger an it would be continue its bearish movement .now the price is almost near my buy position and i have no idea should i close it and wait for pull back or the trend will go upper just give me your ideas plz
You can try to close one at the main R and the other one at some main S and

thanks to that loose less, or loose nothing if you enought good (or lucky... )

Of course trading by hedging is pretty complicated shit as you can say.

I used to do it, but now I prefer keep my traing just simple

Take care man!
  • #272,129
  • Feb 16, 2011 10:58am Feb 16, 2011 10:58am
Hi ALL,

Give INFO :
DAILY Trend DOWN
H4 Trend UP
H1 Trend UP

Cable Up Target was Finished @ 1.6068
This Time, I'm NOT Sure CABLE will go UP or DOWN...

G/L
Always looking the GREAT, never left GOOD Point...
  • #272,130
  • Feb 16, 2011 11:04am Feb 16, 2011 11:04am
Quoting Tsar
(...) CABLE will go DOWN again for Re-TEST Support 1.6006

again??

maaan forex is super-BORING !
  • #272,131
  • Feb 16, 2011 11:07am Feb 16, 2011 11:07am
thank you all for your help
i closed my buy at 1.6041 with 15pip loss
i wait for the down fall as u predicted to close this stupid position
thank you again
  • #272,132
  • Feb 16, 2011 11:17am Feb 16, 2011 11:17am
Quoting chazzle
If I were you I would close at break even and count myself very lucky....don't hedge don't average a loser don't chase price and always have a hard stop ... (taken me a while to learn these basics )
Hedging today has saved me from a 50 pip loss on cable. Am currently trailing stops at fib points on cable buy from earlier @ 1.6088.

However I do have to agree with you chazzle. Can get into more of a mess hedging than just taking the hit. My rule now is one attempt to hedge and bring down losses, if that fails then close both positions.

Euro happens to be helping with the cable re-trace atm.
  • #272,133
  • Feb 16, 2011 11:20am Feb 16, 2011 11:20am
Quoting Black Hole
again??

maaan forex is super-BORING !
Target UP Max 1.6102 >> Correction

Yup... Take a Look use FIBO, Bro
And Hi to Low 200 Pips Now...

I often Trade in ASIA Market's and LONDON Market's
NOT Sure with This Situation. I think will SIDEWAYS
Always looking the GREAT, never left GOOD Point...
  • #272,134
  • Feb 16, 2011 11:21am Feb 16, 2011 11:21am
Quoting Tsar
Hi ALL,

Give INFO :
DAILY Trend DOWN
H4 Trend UP
H1 Trend UP

Cable Up Target was Finished @ 1.6068
This Time, I'm NOT Sure CABLE will go UP or DOWN...

G/L
cable might retrace towards down from here.
  • #272,135
  • Feb 16, 2011 11:30am Feb 16, 2011 11:30am
Quoting Tsar
Target UP Max 1.6102 >> Correction

Yup... Take a Look use FIBO, Bro
And Hi to Low 200 Pips Now...

I often Trade in ASIA Market's and LONDON Market's
NOT Sure with This Situation. I think will SIDEWAYS
I think the situation is quite simple:

1,6180 was too high and under 1,6000 was way too low so,

now we are fine and happy with something in the middle
  • #272,136
  • Feb 16, 2011 11:32am Feb 16, 2011 11:32am
Quoting yasi
thank you all for your help
i closed my buy at 1.6041 with 15pip loss
i wait for the down fall as u predicted to close this stupid position
thank you again
Hi yasi,

I'm so Sorry... Late given Info for you.
But I think more Better you Closed Your Posisition BUY.
This Time MARKET's Can NOT got Prediction...

I had Experience HEDGING at FRIDAY... CLOSED ALL at MONDAY made me Can NOT SLEEP ... when Still Newbie.
Loss 20 Pips... No Matter than Much More Loss
Always looking the GREAT, never left GOOD Point...
  • #272,137
  • Feb 16, 2011 11:36am Feb 16, 2011 11:36am
Quoting Black Hole
I think the situation is quite simple:

1,6180 was too high and under 1,6000 was way too low so,

now we are fine and happy with something in the middle
I hope so...
Always looking the GREAT, never left GOOD Point...
  • #272,138
  • Feb 16, 2011 11:44am Feb 16, 2011 11:44am
OK Guys,

I'm OUT Now... It's LATE NIGHT.
I need go Rest Now. Good Luck for ALL
Always looking the GREAT, never left GOOD Point...
  • #272,139
  • Feb 16, 2011 12:04pm Feb 16, 2011 12:04pm
GU and EU pairs acted in sync...
  • #272,140
  • Feb 16, 2011 12:29pm Feb 16, 2011 12:29pm
Hi everyone,

I'm an old newbie that just saw the 20 golden rules.

Since then, I'm on a positive road .

Thanks a lot to Tsar!

(sorry for my bad english)
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