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Cable Update (GBPUSD)

  • #316,541
  • Jun 15, 2012 12:31pm Jun 15, 2012 12:31pm
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Quoting TauTrader
Good day to you, sir

I really wish I could one day use "open" charts...

I remain an indicator whore.

You know your sh*t. Much respect for you.

I do not understand why many of the others have not noticed your knowledge base....

Beats me.

Anyway - thank you - kind sir -

Just want to scalp a few pips south before the close. I will then go.

wish you and your loved ones a pleasant week-end

Warm regards


Feelings are mutual my friend. I appreciate all your contributions here on the GU forum. I SHOULD post more and be a more active participant here as I've learned so much from so many.

Regards to you & yours as well.
  • #316,542
  • Jun 15, 2012 12:40pm Jun 15, 2012 12:40pm
Have a nice week end all.

see you,
If skills could be acquired by watching, every dog would be a butcher. Turk
  • #316,543
  • Jun 15, 2012 12:53pm Jun 15, 2012 12:53pm
Good day to you,

also signing off -

the last move up was awesome - but now has turned into plastic. It is held up artificially at the current 1.5664 level.

either it dumps a bit now before close - or Monday is short.

Regards
  • #316,544
  • Jun 15, 2012 1:36pm Jun 15, 2012 1:36pm
Quoting Makavelli7
here they go again!. Clueless micro mini account traders that just came back from an fxtrading seminar organised by serial losers coming to run their mouths on the forum.

Mr expert Money Manager, i was talking to newbies who dont know how these things work. I can bet my life that you've never done an fx acc withdrawal in your life!
i agree with you!!
These events during the week end can give an heavy impact in markets. From market open, till retail open, a lot of hours goes and everything can happen.
so: if i have a long in gbp usd @5300 with a stop loss @5440 i would certainly cut the position now. why? because if for any reason market opens @4100 as it opens, broker will cut my position at that price (assuming there is enough equity).

and here i come to the point: why the reason to hold a trade with a 0.00000000000001 lot size or let's say 0.000000000000001% drawdown every 500pips move, just to hope to see price going in your direction to buy an hamburger at a mcdonald's station??

trading is not opening and closing positions. trading is to make money.
and to make money the only thing to do is to be with market.

a 20p drawdown is a possible mistake in entry in a spike.
a 50p drawdown is a possible mistake in a plan.
a 100p drawdown is the kind of mistake were you completely confused price direction.

a 200p drawdown, means that even if you should understand that you were wrong also in previous steps, you still are thinking that you are right.

but this is in normal trading conditions.
in this case, things are different.
all serious traders i know are closing all their positions today.

why? because they know that next week they will be able to open new positions more and more again and they don't need to stay with the hope to see price going in their favor when there is a 50% probability to see market up and a 50% to see market down.

this is my view!

have a good week end all people,
90% of traders use TA, indicators and prediction
  • #316,545
  • Jun 15, 2012 2:01pm Jun 15, 2012 2:01pm
Quoting _BBKing_
i agree with you!!
These events during the week end can give an heavy impact in markets. From market open, till retail open, a lot of hours goes and everything can happen.
so: if i have a long in gbp usd @5300 with a stop loss @5440 i would certainly cut the position now. why? because if for any reason market opens @4100 as it opens, broker will cut my position at that price (assuming there is enough equity).
If market gaps down significantly, broker may take your equity also, happened to my account I think 07 or 08 had an open position over the weekend GJ opened with over 600 pip gap down lost my equity and was even negative, but FXCM ate the negative equity but it wiped out my account and equity so I ended up with zero in my account. you will not get your equity if the price moves significantly. Keep safe and close all trades today is my suggestion.
  • #316,546
  • Jun 15, 2012 2:04pm Jun 15, 2012 2:04pm
Just woke up
OMG WTF???
Nice plays for nex week
Have a great weekend
Come with me if you want to live....
  • #316,547
  • Jun 15, 2012 2:27pm Jun 15, 2012 2:27pm
Pay attention to how much other currency have move compare to gbp its a head fake lols will be all mine come sunday night
  • #316,548
  • Jun 15, 2012 2:50pm Jun 15, 2012 2:50pm
Quoting acacia357
Pay attention to how much other currency have move compare to gbp its a head fake lols will be all mine come sunday night
Longs are sitting pretty, it's the bears that have been surprised
Come with me if you want to live....
  • #316,549
  • Jun 15, 2012 3:04pm Jun 15, 2012 3:04pm
[quote=Makavelli7;5763466]Target for cable still is 1.5700, but if 1.5600 remains unbreached at end of todays session then im reviewing my target higher to 1.5800[/quote

target of 1.5700 reached. im done for the week
The only way not to think about money is to have a great deal of it
  • #316,550
  • Jun 15, 2012 3:11pm Jun 15, 2012 3:11pm
Quoting eqshack
long from 1.5514 targeting 1.5830-51 area.
oh well..we are goin there soon
Early to bed, early to rise, keeps you healthy, wealthy and wise.
  • #316,551
  • Jun 15, 2012 3:21pm Jun 15, 2012 3:21pm
Quoting Ill-b-back
Longs are sitting pretty, it's the bears that have been surprised

are u really so surprised!!
i need to update my lfx platform the mofo stopped working..stupid feed
  • #316,552
  • Jun 15, 2012 3:24pm Jun 15, 2012 3:24pm
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
FIB retracements & expansions are simply the most precise tool we have at our disposal as traders. Every level to the pip. These occurrences happen day in & day out. There's no other indicator or method out there that could have laid out the path of today's Price Action like this.
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  • #316,553
  • Jun 15, 2012 3:39pm Jun 15, 2012 3:39pm
Quoting nAVIN2007
are u really so surprised!!
i need to update my lfx platform the mofo stopped working..stupid feed
No bro not surprised at all by direction, system calls for the long term reversal, but reaching this level today after fart arsing around all week,what a wind up after the londob drop
Was thinking of you nAV.
Fibs to watch for sure, we still in a ranging market thanks to April and May.
Come with me if you want to live....
  • #316,554
  • Jun 15, 2012 3:56pm Jun 15, 2012 3:56pm
Quoting _BBKing_

a 200p drawdown, means that even if you should understand that you were wrong also in previous steps, you still are thinking that you are right.
Wrong. As it all depends on what are you aiming for. 200 pips drawdown is nothing if you are aiming for 400+.
.
  • #316,555
  • Jun 15, 2012 3:58pm Jun 15, 2012 3:58pm
Quoting chess king
MY TARGET 1.5726 this week
thank you
  • #316,556
  • Jun 15, 2012 4:01pm Jun 15, 2012 4:01pm
Quoting mrroboto
If market gaps down significantly, broker may take your equity also, happened to my account I think 07 or 08 had an open position over the weekend GJ opened with over 600 pip gap down lost my equity and was even negative, but FXCM ate the negative equity but it wiped out my account and equity so I ended up with zero in my account. you will not get your equity if the price moves significantly. Keep safe and close all trades today is my suggestion.
I'm sorry, but if 600 pips kills your account you might consider getting in to some other type of business.
.
  • #316,557
  • Jun 15, 2012 4:16pm Jun 15, 2012 4:16pm
Quoting manniMe
I'm sorry, but if 600 pips kills your account you might consider getting in to some other type of business.
200 pips DD for a + 400 pips is a 2-1 RR so it should work.....but it depends how long you have that DD for and how much money involved in it.

If you have deep pockets to hold the 600 pips DD then again it depends on the amount you invested....

If you trade 0.1 or 0.01 per trade you can hold them for ages.If you open a trade at 0.5 or 1 lot a DD of 200 pips means 1k-2 k and it can stay like that for 2 weeks,2 months or even more...just look at the swings this week up down up down.

I had positions opened for months when I kept a DD of 500 pips but the trades were opened @ 0.10-0.50 so I still had enough to trade for a living.

That's why it is important to know what kind of trader you are -intraday or position trader.

and off course it depends on the amount of money you invest.

If you trade a 1 mil account then 1 lot per trade with a 600 DD is nothing

If you trade 10k account then you're screwed at 1 lot per trade

But if you trade 0.01 on a 10k account it is a diff story.

But this kind of DD trading(practically your trade never reaches SL)will not make a living for you unless you have a reallly big account and trade for example 100 lots per trade and leave the trade for 6 months and when it finally turns into profit you call it a year.


the truth is somewhere in the middle.

Intratraders only jump in and out and keep a tight SL....trying to live to fight another day

Position traders are the already rich guys trading long term for millions at a time.



have a great weekend all
  • #316,558
  • Jun 15, 2012 4:23pm Jun 15, 2012 4:23pm
Quoting redbeben
200 pips DD for a + 400 pips is a 2-1 RR so it should work.....but it depends how long you have that DD for and how much money involved in it.

If you have deep pockets to hold the 600 pips DD then again it depends on the amount you invested....

If you trade 0.1 or 0.01 per trade you can hold them for ages.If you open a trade at 0.5 or 1 lot a DD of 200 pips means 1k-2 k and it can stay like that for 2 weeks,2 months or even more...just look at the swings this week up down up down.

I had positions opened for months when I kept a DD of 500...
At last a decent post. Thank you, and let's hope those who keeps shouting here about whats wrong and whats right reads this post and gets the point.

Have a nice weekend.
.
  • #316,559
  • Jun 15, 2012 4:39pm Jun 15, 2012 4:39pm
another post....just trying to make some light for newstarters.

when I started trading real accounts I was trading micro(0.01) then mini(0.10) and later multiple standard lots.

a good trader should pay attention at the MM as this is what wins the money at the end of the day.

You only need 20 pips a day to be rich in one year if you do the math...but it depends how you do it.

Ex.if you start @ 1k account and have 20 pips profit a day(normally all traders should get some) this will shoot up the account to 56k at the end of the year.and this not calculating the actual value....it is a rough calculation.

how to do that ? well, trade with a SL of 2-3% of the acc per trade and on a 1 k where you could trade @ 0.10 would mean a SL of 20-30 pips

if you want to apply the 1 % as all the gurus from books and all courses tell about you will be fried in no time on this amount as 1% would mean 10 pips...pretty tight one....so you will have to adjust the value to 0.03 per trade to have same 30 pips SL....bringing in less money at the end of the day.

the truth is that if you keep trading only 1/3 of your account,1/3 leave it to trade if the first 1/3 is in DD and you are too stubborned to close it and the last 1/3 as a buffer you should be fine in long term but extreeeeeeemeeeelllllyyyyyyyyy tired.

scalping in my oppinion is always better and gives you freedom of mind and sleep.this week I had more than 1000 pips with all the looses I had and that makes it some 200 per day meaning 10 times more than I needed....so it is always easy to bag some money at the end of the day.

Luckyly,my shorts on GU I was talking about today were all closed at SL.

Am I ashamed of it ? nope as I did my calculations

Am I happy...well it was a good week and I only lost the profit from one day.....

Am I glad I can sleep like a baby over weekend not caring if Greece is set on fire or if UK sinks ? sure thing tight SL is like Mastercard....priceless
  • #316,560
  • Jun 15, 2012 4:55pm Jun 15, 2012 4:55pm
personally I was playing the major falling tl ,anyway this is what I see ,now more data
Attached Image (click to enlarge)
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