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Cable Update (GBPUSD)

  • #308,381
  • Apr 16, 2012 10:27am Apr 16, 2012 10:27am
Quoting Red Alert
yes you right, in many case on me, hope won the war , very nice mate....how we should manage our emotion and think more logical about risk we are facing....you show me, which one i have to improve .....thank you mate.....
what i do is first identify the stop price, say in fiber the lowest historical close to us is 1.3. so choosing stop price at 1.285 seems logical. then identify what price you want to take for trading, say 1.305. so 1.305-1.285 is about 20pip of stop, sounds reasonable right?

in my case i just put a PO for the position and wait for it..

by doing this, you might miss a trade or two by 1pip, but that's ok.. never chase the price. if you do that, you trade "impulsive trading" which is not good practice..

let's say if you trading gj, say you want to short, but the highest fractal from a reasonable entry is 100 pips meaning that you have to have your stop about 115 pips or more. to me that's not reasonable and i don't like to have a 100 pips of drawdown, that is one of the reason why i trade mainly on the majors..

think about this, the stop is not only to protect your capital, but it is the price where invalidates your initial analysis.. so if you're stopped out, meaning that you're wrong.. if you find the price move to your direction and you has been stopped out, meaning that your analysis of the price is wrong and you have to improve your positioning in trading.. try to get as close as possible to the stop..
  • #308,382
  • Apr 16, 2012 10:33am Apr 16, 2012 10:33am
Quoting A-speculator
what i do is first identify the stop price, say in fiber the lowest historical close to us is 1.3. so choosing stop price at 1.285 seems logical. then identify what price you want to take for trading, say 1.305. so 1.305-1.285 is about 20pip of stop, sounds reasonable right?

in my case i just put a PO for the position and wait for it..

by doing this, you might miss a trade or two by 1pip, but that's ok.. never chase the price. if you do that, you trade "impulsive trading" which is not good practice..

let's say if you trading gj, say you...
Very clear...thanks.....it is good for standard operating procedure of trading....seeing the risk first before profit...sound reasonable and logic....i will learn about it...thank you for share with me mate......
  • #308,383
  • Apr 16, 2012 10:41am Apr 16, 2012 10:41am
Quoting Red Alert
Very clear...thanks.....it is good for standard operating procedure of trading....seeing the risk first before profit...sound reasonable and logic....i will learn about it...thank you for share with me mate......
no prob. mate.

always remember this "winners always think how much money they can lose, losers always think how much money they can make"..
  • #308,384
  • Apr 16, 2012 10:59am Apr 16, 2012 10:59am
Quoting A-speculator
no prob. mate.

always remember this "winners always think how much money they can lose, losers always think how much money they can make"..
  • #308,385
  • Apr 16, 2012 11:07am Apr 16, 2012 11:07am
Target 50% fibb ret ?
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  • #308,386
  • Apr 16, 2012 11:26am Apr 16, 2012 11:26am
Quoting chess king
Target 50% fibb ret ?
Good day to you,

It's possible. Locking in a few here. Could go to 1.5910. Then again could turn on a dime. Wanted to see this trap develop...

Well - I believe it is.

Trade well - thanks for the chart.

Regards
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  • #308,387
  • Apr 16, 2012 11:32am Apr 16, 2012 11:32am
Quoting TauTrader
Good day to you,

It's possible. Locking in a few here. Could go to 1.5910. Then again could turn on a dime. Wanted to see this trap develop...

Well - I believe it is.

Trade well - thanks for the chart.

Regards
thanks ... your chart is also very good I also use levels as you.
  • #308,388
  • Apr 16, 2012 11:42am Apr 16, 2012 11:42am
Quoting TauTrader
Good day to you,

It's possible. Locking in a few here. Could go to 1.5910. Then again could turn on a dime. Wanted to see this trap develop...

Well - I believe it is.

Trade well - thanks for the chart.

Regards

monthy trendline apear to be holding mr T..the dum bitch may go up quite a bit..
  • #308,389
  • Apr 16, 2012 11:45am Apr 16, 2012 11:45am
Quoting nAVIN2007
monthy trendline apear to be holding mr T..the dum bitch may go up quite a bit..
lol..

maybe so.. let's see how daily close to have better view.. if it's already closed, please correct me if i'm wrong.. that's appear like bullish candle, right?
  • #308,390
  • Apr 16, 2012 11:58am Apr 16, 2012 11:58am
Quoting nAVIN2007
monthy trendline apear to be holding mr T..the dum bitch may go up quite a bit..
Good day to you,sir

I do wish it holds for you - Nav. As we progress, I may find clarity. At the moment, I believe we are retracing..

But I have zero preference to direction at present.

All success with your position.

Regards
  • #308,391
  • Apr 16, 2012 11:58am Apr 16, 2012 11:58am
Quoting A-speculator
lol..

maybe so.. let's see how daily close to have better view.. if it's already closed, please correct me if i'm wrong.. that's appear like bullish candle, right?

oops typo sum bitch
  • #308,392
  • Apr 16, 2012 12:00pm Apr 16, 2012 12:00pm
Quoting TauTrader
Good day to you,sir

I do wish it holds for you - Nav. As we progress, I may find clarity. At the moment, I believe we are retracing..

But I have zero preference to direction at present.

All success with your position.

Regards

yes..once again u right!!
I can assure u..once i get out of this trade, i aint doing it again
  • #308,393
  • Apr 16, 2012 12:08pm Apr 16, 2012 12:08pm
Quoting nAVIN2007
yes..once again u right!!
I can assure u..once i get out of this trade, i aint doing it again
Good day to you,

We have to test ourselves... it's part of life. But here is what I think of your trade:

Attached Image
  • #308,394
  • Apr 16, 2012 12:09pm Apr 16, 2012 12:09pm
Vee ber dee lum ker itchy ballz

In the UK, Standard and Poor’s reaffirmed the country’s AAA credit rating, on the basis that the government is successfully reducing its budget deficit, with a stable outlook. This is the minority rating bias, however, as both Moody’s and Fitch have negative outlooks for the UK economy.
I don't trust any move - when you have profit...take it.
  • #308,395
  • Apr 16, 2012 12:19pm Apr 16, 2012 12:19pm
Quoting nAVIN2007
yes..once again u right!!
I can assure u..once i get out of this trade, i aint doing it again
i think balls of steel is a bit underrated.. it should be balls of titanium..

by the way, what price do you long cable? why not take intraday trades and then cut the position with the intraday profits?
  • #308,396
  • Apr 16, 2012 12:24pm Apr 16, 2012 12:24pm
Quoting A-speculator
i think balls of steel is a bit underrated.. it should be balls of titanium..

by the way, what price do you long cable? why not take intraday trades and then cut the position with the intraday profits?

that sounds too easy.

Can any of you give me 2 reasons why the pound should sky rocket to 1.65?

No offense nAVIN - just wondering what people think.

I see UK with negative GDP growth

Potential Bank Downgrades

High Unemployment

The overhang of the debt for the Olympics

Those are all negatives.....are there any positves for the UK that I am too blind to see?

Faller.
I don't trust any move - when you have profit...take it.
  • #308,397
  • Apr 16, 2012 12:27pm Apr 16, 2012 12:27pm
Quoting Faller
that sounds too easy.

Can any of you give me 2 reasons why the pound should sky rocket to 1.65?

No offense nAVIN - just wondering what people think.

I see UK with negative GDP growth

Potential Bank Downgrades

High Unemployment

The overhang of the debt for the Olympics

Those are all negatives.....are there any positves for the UK that I am too blind to see?

Faller.
i don't know about fundies mate.. technically, it's not yet to be in position for the bear..

i don't know if will it go to 1.65 or not.. i just trade by the PA, if it says it want to go down, i play it short and vice versa..
  • #308,398
  • Apr 16, 2012 12:33pm Apr 16, 2012 12:33pm
Quoting Faller
that sounds too easy.

Can any of you give me 2 reasons why the pound should sky rocket to 1.65?

No offense nAVIN - just wondering what people think.

I see UK with negative GDP growth

Potential Bank Downgrades

High Unemployment

The overhang of the debt for the Olympics

Those are all negatives.....are there any positves for the UK that I am too blind to see?

Faller.
As a Brit... I couldn't agree more, Our country is in such a shit state most other countries don't understand the problems here, some places are horrific (can only thank labour for that).

I'm frankly surprised that the GBP is still near 1.60, it should be more like 1.40 at least.

I'm am shorting the crap out of GBP against anything (ex. EUR + CHF)

It's actually saddening how bad the UK has become.
  • #308,399
  • Apr 16, 2012 12:35pm Apr 16, 2012 12:35pm
Posting a chart....as you all know I do - my thoughts are in text and blue circles on the chart.

Faller.
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I don't trust any move - when you have profit...take it.
  • #308,400
  • Apr 16, 2012 12:35pm Apr 16, 2012 12:35pm
Quoting JeremyWS
As a Brit... I couldn't agree more, Our country is in such a shit state most other countries don't understand the problems here, some places are horrific (can only thank labour for that).

I'm frankly surprised that the GBP is still near 1.60, it should be more like 1.40 at least.

I'm am shorting the crap out of GBP against anything (ex. EUR + CHF)

It's actually saddening how bad the UK has become.
perhaps, it's not the UK is the problem.. perhaps it's the US.. as i discussed on the weekend, most of the chart indicate USD weakness.. perhaps this is the start of the move..
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