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Cable Update (GBPUSD)

  • #308,981
  • Apr 19, 2012 8:26am Apr 19, 2012 8:26am
Quoting TauTrader
Good day to you,

Good results. 5% per week - hell even 2% per week - consistently, is excellent. Compounding comes to mind...

Well done

Regards
Thats my plan... i have a set target of 1% daily and 5%weekly and 20% monthly... however the system's been overperforming ....
the monthly is shown at a rate of 30% growth... lets see if it can stay consistent....
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #308,982
  • Apr 19, 2012 8:33am Apr 19, 2012 8:33am
Quoting bguguen
Thats my plan... i have a set target of 1% daily and 5%weekly and 20% monthly... however the system's been overperforming ....
the monthly is shown at a rate of 30% growth... lets see if it can stay consistent....
Good day to you,

that's great. Daily and weekly target lines up - but @ 4.3 weeks per month, monthly target will be 21.5%.

Petty - I know.

All success to you
  • #308,983
  • Apr 19, 2012 9:24am Apr 19, 2012 9:24am
Quoting Red Alert
good, it is better, we can't expect something too far since the main trend is strongly bullish......5978 is exzactly at fib 38.2....

But just beware bad data of US unemployment rate seems like react to cable now mate....
im back out of the market, was short at 1.6049
  • #308,984
  • Apr 19, 2012 9:46am Apr 19, 2012 9:46am
Quoting PoundTrader
im back out of the market, was short at 1.6049
, oh God....what a day!!!!!!, absolutely funny......cable want to play with us........ but i am not quittter, i really wanna see....where this fucking thing going.....I still hold my old position....i don't want to tell you
where mate, but the trend expected, was said already....

.....cable really unpredictable ....
  • #308,985
  • Apr 19, 2012 9:53am Apr 19, 2012 9:53am
I have a very bad trade...short gbpusd @1.5969. Is there any hope that the price come back to this level, or at least near this level? I am almost destroying my tiny account (
  • #308,986
  • Edited Apr 20, 2012 6:18am Apr 19, 2012 10:21am | Edited Apr 20, 2012 6:18am
Maybe formation of 3 has begun and I expect the price will soon reach the areas ( PRZ ) that has been shown .

http://www.forexfactory.com/attachme...1&d=1334848814
  • #308,987
  • Apr 19, 2012 10:28am Apr 19, 2012 10:28am
Quoting torex
I have a very bad trade...short gbpusd @1.5969. Is there any hope that the price come back to this level, or at least near this level? I am almost destroying my tiny account (
Good day to you,

Let's look at the big picture....

GU can run up (in theory) to infinity. It can go down with 26 000 pips (in theory again).

Can not understand when traders think: " it's high enough - or low enough". I have empathy with your position. Any hope it can come back to your level? Absolutely - lots of hope.

But where to next?

Who knows? That is an unfair question to ask. Nobody knows...

Only you can decide - risk my total account, or get out.

I know what is going through your head - "if I get out now - it may turn and go my way...". True - it might. You will also think: " if it goes up another 50, i'm toast." Also true. It can.

No one here can tell you what's up next.

You will have to make the call...

All the best
  • #308,988
  • Apr 19, 2012 11:03am Apr 19, 2012 11:03am
Quoting torex
I have a very bad trade...short gbpusd @1.5969. Is there any hope that the price come back to this level, or at least near this level? I am almost destroying my tiny account (
I think there is a very good chance we may test 1.6160 before we come back down, if we come back down.

The good news is that we are faltering at the April high, set on April 2nd and it's late in the day, London's closed, so you probably have plenty of time to make up your mind.

I've been in your position before and I stand by Tau's post - it is the best advice you can get.
Gone to a better place
  • #308,989
  • Apr 19, 2012 11:04am Apr 19, 2012 11:04am
So True , Very well said Tau.


Quoting TauTrader
Good day to you,

Let's look at the big picture....

GU can run up (in theory) to infinity. It can go down with 26 000 pips (in theory again).

Can not understand when traders think: " it's high enough - or low enough". I have empathy with your position. Any hope it can come back to your level? Absolutely - lots of hope.

But where to next?

Who knows? That is an unfair question to ask. Nobody knows...

Only you can decide - risk my total account, or get out.

I know what is going through your head - "if I get out now -...
  • #308,990
  • Apr 19, 2012 11:35am Apr 19, 2012 11:35am
We have all been in this. Don't panic.

We are in a bull market but the market always corrects it self.

My advise to you is, if your account is safe then take another sell position now and break even at 16010.

However allow for the market to continue up, and if it hits 16170 take another short - to close all positions at 16050.
  • #308,991
  • Apr 19, 2012 11:57am Apr 19, 2012 11:57am
consolidation in 4h.. bears are coming in at 6060/70 area.. perhaps we might have temporary top at about current price..
  • #308,992
  • Apr 19, 2012 12:40pm Apr 19, 2012 12:40pm
Quoting cambridge
We have all been in this. Don't panic.

We are in a bull market but the market always corrects it self.

My advise to you is, if your account is safe then take another sell position now and break even at 16010.

However allow for the market to continue up, and if it hits 16170 take another short - to close all positions at 16050.
Oh my god... this guy knows my trading style.... good god....
Problem is this trading style needs careful calculation of risk though cuz you need to know how much you can take on in terms of trades...
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #308,993
  • Apr 19, 2012 1:16pm Apr 19, 2012 1:16pm
Closed all my shorts except one at 6063
damage? -250
Not happy with it but I am glad I closed them.Should of done earlier.
Funny how I pay dearly for every learning experience.
April down -300


Interesting fact is my last 20 trades I have only 5 losers but those losers were monsters.
In percentage wise I have more winners but obviously those huge losses ate my profits.
Needless to say from now on I will never let a loser get out of hand.Being new to forex obviouly my lack of experience shows.
I assumed Cable will go down well my shorts were in profit until news about employment shot this pair sky high.
Instead of closing early once again I foolishly was in denial.
Now paid dearly....
Anyway sorry about my rant...
In trading, you have to be defensive and aggressive at the same time
  • #308,994
  • Apr 19, 2012 1:55pm Apr 19, 2012 1:55pm
Quoting Davit
Closed all my shorts except one at 6063
damage? -250
Not happy with it but I am glad I closed them.Should of done earlier.
Funny how I pay dearly for every learning experience.
April down -300


Interesting fact is my last 20 trades I have only 5 losers but those losers were monsters.
In percentage wise I have more winners but obviously those huge losses ate my profits.
Needless to say from now on I will never let a loser get out of hand.Being new to forex obviouly my lack of experience shows.
I assumed Cable will go down well my shorts were in...
I know how it is, I have been there some years ago, and all what I can say- money management- put all data on paper and calculate how much would be losses if you would use more clever s/l. There is no point to trade at all if one bad position can take all positive trades. you must create your money management at least 3 negative trades = 1 positive trade. I think it is hardest part in forex to accept looses as absolutely normal thing in trading. 100% positive trades do not exist, because only if you can do it, you can trade more accurate- find more better entry points and be more selective to open any order.
  • #308,995
  • Apr 19, 2012 2:03pm Apr 19, 2012 2:03pm
Quoting smikester
Yes congrats Nav. The point being he still made a terrible trade months ago which effectively froze his account until recently. Or are we still waiting for 1.65 to break even?

Now Navin's offering me advice on how I should analyse the monthly! Thanks navin. Just thought I'd get that off my chest.

La la la, ....

i suppose i deserve this
1.65 i see i will be happy in profit..wont be much but i gained plenty and ofcourse u never know ..i might be in till 1.67..who knows but i remain a bull
  • #308,996
  • Edited 2:27pm Apr 19, 2012 2:05pm | Edited 2:27pm
Quoting torex
I have a very bad trade...short gbpusd @1.5969. Is there any hope that the price come back to this level, or at least near this level? I am almost destroying my tiny account (

wait for a retracement down to 5944 and get out!

or, if you wanna risk more, buy there (hedge) and hold, put sl be after a while, wait until it's going high in the sky and back to you (few weeks or months ) then get out at BE with long and let your short play it's down side

cheers
fokyou forexfactory
  • #308,997
  • Apr 19, 2012 2:39pm Apr 19, 2012 2:39pm
Quoting torex
I have a very bad trade...short gbpusd @1.5969. Is there any hope that the price come back to this level, or at least near this level? I am almost destroying my tiny account (
http://www.forexfactory.com/showthre...=351859&page=3
  • #308,998
  • Apr 19, 2012 3:19pm Apr 19, 2012 3:19pm
Quoting bguguen
BTW.... probably interesting video for you....
GBP mentioned at 3:20 of the video
Trade recommendation is to short is as simple as the reasons for UK close to recession...
Like i mentioned time and time again... UK's GDP growth is dying without growth no reason to be a strong currency...
http://www.bloomberg.com/video/84692528
Hello, I am new to this thread and appreciate everyone's input. I agree that UK's growth is dying out and without growth there is no reason to be a strong currency. On the other hand, I become suspect every time a currency strategist or economist is interviewed by the mainstream media and makes recommendations.

fxstir
Attached Image (click to enlarge)
Click to Enlarge Name: 012312-041912 Sterling cable.gif Size: 22 KB
  • #308,999
  • Apr 19, 2012 4:05pm Apr 19, 2012 4:05pm
Quoting fxstir
Hello, I am new to this thread and appreciate everyone's input. I agree that UK's growth is dying out and without growth there is no reason to be a strong currency. On the other hand, I become suspect every time a currency strategist or economist is interviewed by the mainstream media and makes recommendations.

fxstir
In long term Yes shorting Cable is the right move however most traders can't afford to have their money tight up that long.
I was planning to hold out but my broker started charging me negative interest per day.Holding three weeks would of cost me a lot.
In trading, you have to be defensive and aggressive at the same time
  • #309,000
  • Apr 19, 2012 4:11pm Apr 19, 2012 4:11pm
Quoting torex
I have a very bad trade...short gbpusd @1.5969. Is there any hope that the price come back to this level, or at least near this level? I am almost destroying my tiny account (
don't worry, at least its still 100 pips away. Unless triggered some crazy buy stops into 1.61 area then its margin call? i won't short gbp unless it hit further resistance. current resistance lies at 1.6070. rejected 2 times there. but its too near, it will move higher.
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