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Cable Update (GBPUSD)

  • #319,861
  • Jul 26, 2012 9:38am Jul 26, 2012 9:38am
Quoting inpatient
i think many people got caught on that one, were at the top of the range now and she seems to be running out of legs, imhoping very soon reality will set in and we will ride it back down. Not even gonna watch it as if i did i will exit at breakeven as these trades get back to each point.

Instead im going to show some faith and come back tomorrow to see how low she has gone, luckily i have a decent amount in my account, im betting that todaymany have burst through their accounts and taken severla margin calls o their trades.

Live, learn, trade...
why should price go down?
if had to go down now we were @5150.
but we are @5720 in a straight move.

anyway, i spent last hours to refresh some calculations. and all these moves are very perfect moves. i would like every week something like this!
90% of traders use TA, indicators and prediction
  • #319,862
  • Jul 26, 2012 9:38am Jul 26, 2012 9:38am
Quoting inpatient
Hey Flynchenberg, ich auch
ok

I'll try to share here from my past mistakes.

opening trades in cascade is risky like hell.as I said he who tries to pick bottoms ends up with smelly fingers...same applies on the shorts ...he who tries to pick tops ends up with buggered fingers

loosing one trade is the hardest thing to do I have to admitt but going against a raging bull and hope you are faster than a speeding bullet to dodge it....it is harder.

what I do when I see something as strong as this-I just close the bloody platform,take the loss and chill.maybe come back later maybe next day.

just live to fight another day guys,one loss is part of the game.bite it and get over.

a simple explanation on why cascade trades does not work is that with each trade you double the exposure....if you are lucky and trade goes your way you make money if not you double the loss...with each trade.

wouldn't it be easier to close on SL and open only one as last one? same thing as it will cover all looses on the way down and maybe will end up in some profit as well.

we cannot fight stupidity of banks and corporations that are on opium and belive Draghi will save the world in one day...how's he gonna erase the debts ? he can't

fundies still point down....but 200 pips DD could kill us small humble creatures

anyway,this post was intended to serve to the whole tread not pointing at anybody as I did the same back then.sorry if I hurt any feelings with it.I apologise.

Cheers and have a good evening all
  • #319,863
  • Jul 26, 2012 9:40am Jul 26, 2012 9:40am
Quoting Flynchenberg
15% of account under water.

I'm seriously considering to quit trading GBP forever.
All orders except last two ale Sell Limit orders.

WTF candle.

Seb
im with you in bear camp GBPUSD
  • #319,864
  • Jul 26, 2012 9:41am Jul 26, 2012 9:41am
Quoting inpatient
Hey Flynchenberg, ich auch
also with u
  • #319,865
  • Jul 26, 2012 9:43am Jul 26, 2012 9:43am
Quoting hussin naiji
also with u
of course also with bear camp AUDUSD
  • #319,866
  • Edited 10:03am Jul 26, 2012 9:45am | Edited 10:03am
Quoting Makavelli7
Cable setting up for an upshoot to 1.5720
Quoting Makavelli7
im long cable now at 1.5500. Target 1.5720
Taken profit at 1.5720. off to watch some damn strippers!
The only way not to think about money is to have a great deal of it
  • #319,867
  • Jul 26, 2012 9:48am Jul 26, 2012 9:48am
Quoting Makavelli7
Taken profit at 1.5720. off to watch some damn stripers!

great call, enjoy the strippers, have one for me
Money never sleeps...
  • #319,868
  • Jul 26, 2012 9:52am Jul 26, 2012 9:52am
Quoting _BBKing_
why should price go down?
if had to go down now we were @5150.
but we are @5720 in a straight move.

anyway, i spent last hours to refresh some calculations. and all these moves are very perfect moves. i would like every week something like this!
"The last duty of a central banker is to tell the public the truth" - Alan Binder Federal Reserve Board Vice Chairman, Nightly Business Report 1994

Maybe this, I do not know.

Seb
  • #319,869
  • Jul 26, 2012 9:52am Jul 26, 2012 9:52am
Quoting redbeben
ok

I'll try to share here from my past mistakes.

opening trades in cascade is risky like hell.as I said he who tries to pick bottoms ends up with smelly fingers...same applies on the shorts ...he who tries to pick tops ends up with buggered fingers

feelings with it.I apologise.

Cheers and have a good evening all
  • #319,870
  • Jul 26, 2012 9:54am Jul 26, 2012 9:54am
Quoting Makavelli7
Taken profit at 1.5720. off to watch some damn stripers!
good call. I did excatly oposite and lost some pips
  • #319,871
  • Jul 26, 2012 10:19am Jul 26, 2012 10:19am
Quoting Flynchenberg
"The last duty of a central banker is to tell the public the truth" - Alan Binder Federal Reserve Board Vice Chairman, Nightly Business Report 1994

Maybe this, I do not know.

Seb
yes true! i agree!
but hell.... short the full shoot up in price is really risky!
i hope you will be able to recover from here and tomorrow!
price should at least relax for a while.

was a long time i didn't see a 250pips move in GU!
once ago this was the average range.

strange that Ujpy still not moving.
90% of traders use TA, indicators and prediction
  • #319,872
  • Jul 26, 2012 10:19am Jul 26, 2012 10:19am
Quoting Makavelli7
Taken profit at 1.5720. off to watch some damn strippers!

well done!
my bad i got out in 5600.
really did not expect so much in few hours!
90% of traders use TA, indicators and prediction
  • #319,873
  • Jul 26, 2012 10:21am Jul 26, 2012 10:21am
Trend up.???
any one long??
For sure Nav, congrat mate .

Happy ramadan
If skills could be acquired by watching, every dog would be a butcher. Turk
  • #319,874
  • Jul 26, 2012 10:29am Jul 26, 2012 10:29am
Quoting redbeben
ok

I'll try to share here from my past mistakes.

opening trades in cascade is risky like hell.as I said he who tries to pick bottoms ends up with smelly fingers...same applies on the shorts ...he who tries to pick tops ends up with buggered fingers

loosing one trade is the hardest thing to do I have to admitt but going against a raging bull and hope you are faster than a speeding bullet to dodge it....it is harder.

what I do when I see something as strong as this-I just close the bloody platform,take the loss and chill.maybe come back...
everybody got a 200pips drawndown in his experience!
if not, happy for them.
once i got a 250pips drawdown. i added in my position. and the thing went more 250pips the following day. burnt 9k in 48hours.
after that day, and 2 years of study, and study, and study and loss, and profit, and loss etc... i came to a solution:
there is nothing that can stop a price. even the best tech study + the best fundam study ever printed in a chart, can become wrong in 2 seconds.
since that day i allow max max max max max max 50pips stop loss.
my average stop loss is anyway 20pips. mostly when i pick a position in extreme level.
furthermore, everywhere is written that in range trend, stops better just out of it, since a b/o could be insane, just like today!

if i had now those 9k, i could be rich!
90% of traders use TA, indicators and prediction
  • #319,875
  • Jul 26, 2012 10:38am Jul 26, 2012 10:38am
i think we will see a rebound to 1.5625 and then go to 1.5869
  • #319,876
  • Jul 26, 2012 11:14am Jul 26, 2012 11:14am
Quoting _BBKing_
everybody got a 200pips drawndown in his experience!
if not, happy for them.
once i got a 250pips drawdown. i added in my position. and the thing went more 250pips the following day. burnt 9k in 48hours.
after that day, and 2 years of study, and study, and study and loss, and profit, and loss etc... i came to a solution:
there is nothing that can stop a price. even the best tech study + the best fundam study ever printed in a chart, can become wrong in 2 seconds.
since that day i allow max max max max max max 50pips stop loss.
my average...
I never had a 200 pips DD...I had more

you only lost 9 k ? OMG,no wonder Italy is bankrupted,all italians have small trading accounts

just kidding...I lost 20k in 1 week and 10k in....well less than 5 min but again in less than another 5 min they were back in the account...magic.

1.5595-91 in play maybe by the end of the day.then we bounce to 1.5622-55 to fall again and complete the move to 1.5478
  • #319,877
  • Jul 26, 2012 11:26am Jul 26, 2012 11:26am
Hi redbeben,

do you really see a 90 point drop by the end of the day? How?


Quoting redbeben
I never had a 200 pips DD...I had more

you only lost 9 k ? OMG,no wonder Italy is bankrupted,all italians have small trading accounts

just kidding...I lost 20k in 1 week and 10k in....well less than 5 min but again in less than another 5 min they were back in the account...magic.

1.5595-91 in play maybe by the end of the day.then we bounce to 1.5622-55 to fall again and complete the move to 1.5478
  • #319,878
  • Jul 26, 2012 11:45am Jul 26, 2012 11:45am
Quoting Faller
I should be smoking! ha ha!

No actually I have just been really burning the candle at both ends lately and been on holidays with the family (took the roadie trading setup with me) so trading, visiting, holidays etc......maybe that's what you mean by uneasy.

And I guess when I am tired I really read what people are posting in here - and I guess it just gets to me. Maybe I should take a break from here? Let me know what you think......don't want to upset the apple cart here - apple already did that last night after earnings.

Faller.
  • #319,879
  • Jul 26, 2012 12:14pm Jul 26, 2012 12:14pm
Quoting redbeben
I never had a 200 pips DD...I had more

you only lost 9 k ? OMG,no wonder Italy is bankrupted,all italians have small trading accounts

just kidding...I lost 20k in 1 week and 10k in....well less than 5 min but again in less than another 5 min they were back in the account...magic.

1.5595-91 in play maybe by the end of the day.then we bounce to 1.5622-55 to fall again and complete the move to 1.5478
5595 by end of the day?
what are you smoking???? seems good. give me some please
90% of traders use TA, indicators and prediction
  • #319,880
  • Jul 26, 2012 12:17pm Jul 26, 2012 12:17pm
BULLS BEWARE
Nice little pop up for the BEARS today. And just in time for the bearish seasonal / cycle to kick in next week. Textbook SELL next week. Nothing bullish about the GBP/USD weekly chart or the seasonal/cycle chart. (Note - the seasonal cycle chart was printed on June 30th) 7/30 is the red line.
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