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Cable Update (GBPUSD)

  • #288,861
  • Sep 16, 2011 3:19am Sep 16, 2011 3:19am
probably this cable go down and my loose is my panishmant on trading in NFP friday 2 weeks ago till now i stuck with along position hopping it will rize up at least to my opening 1.6238 alot of wasting time....i have sl on
1.5250.....

any sugestion?
when GOD brings you a challenge he also gives you the power to deal with it
  • #288,862
  • Sep 16, 2011 3:27am Sep 16, 2011 3:27am
Quoting eitan1010
probably this cable go down and my loose is my panishmant on trading in NFP friday 2 weeks ago till now i stuck with along position hopping it will rize up at least to my opening 1.6238 alot of wasting time....i have sl on
1.5250.....

any sugestion?
Yes cut your loss.

Waiting for a thousand pips stop loss to get hit is not trading.
You have to realise, you do not have to hit 300-400 pips move at one go to be profitable.

It's your trade & your money, but know this, even if you get away with this trade that cable miraculously turn 500 -600 pips northwards & you escape unscathed, it was down to pure luck. 9 out of 10 times, if you hold on to losing trades, it won't work out for you.

Good luck, I mean it.
Thank You
  • #288,863
  • Sep 16, 2011 3:30am Sep 16, 2011 3:30am
Quoting wormboy
Yes cut your loss.

Waiting for a thousand pips stop loss to get hit is not trading.
You have to realise, you do not have to hit 300-400 pips move at one go to be profitable.

It's your trade & your money, but know this, even if you get away with this trade that cable miraculously turn 500 -600 pips northwards & you escape unscathed, it was down to pure luck. 9 out of 10 times, if you hold on to losing trades, it won't work out for you.

Good luck, I mean it.
Well said,Teach me more guru
If there was easy money lying around,no one would be forcing it into your
  • #288,864
  • Sep 16, 2011 3:34am Sep 16, 2011 3:34am
Cable is now trading below July low of 1.5780. What does that mean?

1 It means we have a lower low confirming the longer term downtrend

2 It means we now have a very strong resistance figure of 1.5780

3 It's Friday so if any big time traders close their shorts we'll have a bit of a retrace

4 Eitan - whenever I see trouble I close out and have a think.
Gone to a better place
  • #288,865
  • Sep 16, 2011 3:36am Sep 16, 2011 3:36am
Quoting FXMindset
Well said,Teach me more guru
Not a guru. It's just plain old common sense.
A 50 pips loss is easier to recover than say ... a 500 pips loss.
In his case, a 400 pips loss is better than a thousand pips loss & a margin call.
We all talk thru experience here, I've been in his place before trading with hope & I can tell you it's a complete waste of time. You will not be profitable in the long run, that much I can guarantee. Been there done that got the T shirt


Thank You
  • #288,866
  • Sep 16, 2011 3:36am Sep 16, 2011 3:36am
wormboy to the rescue. You deserve to have a
great friday !

and an even greater weekend..
Gone to a better place
  • #288,867
  • Sep 16, 2011 3:36am Sep 16, 2011 3:36am
i see rejection already ( but maybe too premature to say , sorry ) . once we can get back to 85 fibo line and keep staying above 50 fibo line, we will go to 5838 - 5849

cheers
trend is in our mind
Quoting iqyu5an
on eyed ...
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not euphoria follower
  • #288,868
  • Sep 16, 2011 3:38am Sep 16, 2011 3:38am
Quoting smikester
wormboy to the rescue. You deserve to have a
great friday !

and an even greater weekend..
No I actually deserve about 200 pips today to cover my loss haha.
And a good friday to you too mike
Thank You
  • #288,869
  • Sep 16, 2011 3:39am Sep 16, 2011 3:39am
Thanks, just popping in from time to time.
--------------------------------------------
topside of the previous 1hr descending trend line and 76.4% / 1st 1/2 of the prev 1hr/4hr swing lo zone is where the present price bounce has occurred....Weekly S1 pivot around here too.

G/L

Quoting smikester
Good to see you back, bbmac.
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ex member
  • #288,870
  • Sep 16, 2011 3:40am Sep 16, 2011 3:40am
Quoting wormboy
Not a guru. It's just plain old common sense.
A 50 pips loss is easier to recover than say ... a 500 pips loss.
In his case, a 400 pips loss is better than a thousand pips loss & a margin call.
We all talk thru experience here, I've been in his place before trading with hope & I can tell you it's a complete waste of time. You will not be profitable in the long run, that much I can guarantee. Been there done that got the T shirt


Thats it,Well said my friends..I've been there and holding the loss is definitely not wise at all

Even you are a guys,lemme hug you yo

Simple but full of wisdom
If there was easy money lying around,no one would be forcing it into your
  • #288,871
  • Sep 16, 2011 3:50am Sep 16, 2011 3:50am
Quoting FXMindset

Simple but full of wisdom
That comes with all the ass kicking the market had given me in the past haha.

Have a good day!
Thank You
  • #288,872
  • Sep 16, 2011 4:03am Sep 16, 2011 4:03am
1H
Quoting iqyu5an
Based on prev posting at http://www.forexfactory.com/attachme...4&d=1316135289, the green fibo line projected that there will be "bottom" at 4 or 5 hours before london open. well now...london opened already, but the PA only few pips above projected bottom. based on theory ( scfm ), if the target not hit at the given period...sometimes we should focus at the next period... for the given fibo line ( un hit target )

let see what gonna...
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not euphoria follower
  • #288,873
  • Sep 16, 2011 5:02am Sep 16, 2011 5:02am
out at 85 fibo line. and have to go ....

cheers
Quoting iqyu5an
1H
not euphoria follower
  • #288,874
  • Sep 16, 2011 5:08am Sep 16, 2011 5:08am
Testing the day high here. Could be a good place to add shorts as there is significant divergence on M5 chart
Gone to a better place
  • #288,875
  • Sep 16, 2011 5:16am Sep 16, 2011 5:16am
There certainly was at the current lo (regular bullish div) but not at this hi on 5min, (well there is some on 2 x osc but the overall pattern is not one I would care to take a short from using the 5min as a trigger...it did exist (regular bearish) on 1min and 3min ate current hi.)
This does not mean that price will not fall though...anything can happen.

G/L

Quoting smikester
Testing the day high here. Could be a good place to add shorts as there is significant divergence on M5 chart
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ex member
  • #288,876
  • Sep 16, 2011 5:22am Sep 16, 2011 5:22am
Shorted it at the fix and managed to get 1.58166 - stop now at b/e. Pleased with the entry, but not really got an exit planned.
  • #288,877
  • Sep 16, 2011 5:27am Sep 16, 2011 5:27am
That was some entry price didn't even see it here - 58159 was highest bid price I saw...anyways, you could argue that along with the 3min regular bearish div there was 15min hidden div supporting an entry ?

G/L with it.

Quoting Flatfish
Shorted it at the fix and managed to get 1.58166 - stop now at b/e. Pleased with the entry, but not really got an exit planned.
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ex member
  • #288,878
  • Sep 16, 2011 5:36am Sep 16, 2011 5:36am
[quote=bbmac;4960845]That was some entry price didn't even see it here - 58159 was highest bid price
quote]

Same strategy I have been using all week fade the 11am fix
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  • #288,879
  • Sep 16, 2011 5:58am Sep 16, 2011 5:58am
Got stopped out at b/e (disappointed I didn't take any ) sold again at 1.5820 10 pip stop, which I'll move to b/e.
4hr pin bar and it does look like forming a base, but still expecting general sideways action for a few days, so just trying to play the range
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  • #288,880
  • Sep 16, 2011 6:13am Sep 16, 2011 6:13am
Quoting eitan1010
probably this cable go down and my loose is my panishmant on trading in NFP friday 2 weeks ago till now i stuck with along position hopping it will rize up at least to my opening 1.6238 alot of wasting time....i have sl on
1.5250.....

any sugestion?
Hi ietan,

I am also a newbie in this forex trading business and still got a lot of things to learn but I would like to share something with you and I hope all the big guys & experts here don't mind.

Floating -ve pip between 150-200 is normal for me. I don't have any stop loss for most of my position. I am applying martingale forex strategies but need a strong margin in order to get profit. If you like, you can check my account which is attached to my profile here. Proper planning might be able to solve your problem of -ve 500 pips if done ealier. Probably its already too late now. Mr goolge will be able to help you to find the website on martingale.
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