Cable Update (GBPUSD)
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
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.
Unfortunately because the markets are always right. Never think that a currency pair HAS to go in any direction...
...My advice is to take the loss now. At least you will have capital left in your account. You then need to re-assess your trade and try to understand where you went wrong and I would say that the first thing you did wrong is that you did not use a stop loss to cut your losses short rather than racking up an even bigger loss that you are in now...
Trends don't turn on a six pence. If anything, we will consolidate here first before we make another move.
I gave you my advice on Tuesday earlier this week which is also what Wormboy is saying!
We are still in the 1.57-1.58 price range because -
Now, after consolidation, price could turn or continue in the direction of the trend. In your current situation, your hands are tied and there is nothing you can do except to watch your account go to a margin call, or watch it go back to a respectable loss which in your mind you have already decided at in monetary terms rather than technical analysis terms, otherwise you would not ask the same...
monthly seems that its just correction of an uptrend ,weekly seems the same like monthly daily seems like start over for bulls after long correction
down.
I posted a chart and a reply to bbmac but it was garbled and I was having connectivity problems this morning. Anyway. Got in on the second high, 1st pull back like this:
Attachment
I'm posting this for learners. Divergence (bearish) in a longer time frame bearish move is a valuable signal. And it's off the day high, an important level. My first attempt (blue) was at the first break of the day high and I traded off the 1st pull back. That trade failed at break even. I did it again at the second go. Not fun after failing the 1st time...
little mini head n shoulder as well type thingy bob
A couple of reasons why I am not trading today -
1. It's my birthday
2. I don't like trading on Fridays
3. I am going out
I did catch this EU trade yesterday which I scaled into and it reached my first TP this morning. Explanations are on the chart.
Attachment
I am flat on GBPUSD right now. Scalping the range is the order of today for now on the GU pair.
Wishing everyone a great weekend and see you next week!
