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Cable Update (GBPUSD)

  • #326,761
  • Oct 12, 2012 10:50am Oct 12, 2012 10:50am
Quoting fontu
as per , last wave up as if very strong one to up above , seems not still , 50% fib ok , even some up to decide next .
do or die situation but this type of movement as usual before the great failure also.pudendal 4th & when to give up next can't hold at possible 4th limit , here now 6076,71 .lets see .
fontu


update in the development s.

6076 broken , then 71 & special care 68 for next up try for 6078 or up spike again .
Whatever move today or monday, if not break out 16150, she will fall back 15925 zone. So far this fade up is very much same shape of the last 3 (4H TF)
  • #326,762
  • Oct 12, 2012 11:31am Oct 12, 2012 11:31am
All of a sudden... Where them bulls at??
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #326,763
  • Oct 12, 2012 12:26pm Oct 12, 2012 12:26pm
Quoting wasabeclaw
I thought 6022 is line in the sand.

( I suppose it can change as it is a line in the sand)

was on the sell from 6054 meaning yesterday.line in the sand was touched but closed above ..that's line in the sand.

for the last move up line in the sand is 6060(57 to be exact)

if we close below we go 6017
  • #326,764
  • Oct 12, 2012 12:29pm Oct 12, 2012 12:29pm
Quoting gavalar
listen, hes been to a bbq on the beach and hes been drinking. Tides coming in and there aint a lot of sand left.
bbq was on my terrace as beach is windy and full of tornados.
beer home as I don't drink driving...and I'm lazy to walk to the beach (some 800m)

but I've been to a swim just now and the cold water made me sobre again

back to drinking it is
  • #326,765
  • Oct 12, 2012 12:30pm Oct 12, 2012 12:30pm
Quoting redbeben
was on the sell from 6054 meaning yesterday.line in the sand was touched but closed above ..that's line in the sand.

for the last move up line in the sand is 6060(57 to be exact)

if we close below we go 6017
right i think im done for the week
gona go take some rest.

good results, hopefully i can keep it up
http://www.myfxbook.com/members/fxty...nt-ma-1/392767
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #326,766
  • Oct 12, 2012 12:43pm Oct 12, 2012 12:43pm
Hi all,
I have over the last week set up a demo trading account since Monday 8th October the screenshots of the stats is below. I currently have a position open GBP/USD sell @ 1.60553 the trade is currently -$952.18. I was wondering how and when to decide to take the losses as this would be the first losing trade in the week. If I close this trade now, the loss would be seven times higher than my biggest profit on a trade. Clearly I am doing something wrong, does anyone have any trading strategies on the GBP/USD they would like to share.
Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.JPG Size: 49 KB
  • #326,767
  • Oct 12, 2012 12:46pm Oct 12, 2012 12:46pm
TOO ALL NEWBIE TRADERS!!!!!!!!!!!!!

Trading is NOT an art, it is a skill that comes with time like anything else!!
Also not ONE trader is right on THIS FORUM every time!! YOU WILL LOSE TRADES FROM TIME TO TIME, such is life. The best thing for any new trader is to get some education FIRST or you WILL pay!!
The best thing to do is to test what you think works and what doesn't work for you! I have tried many times to find the HOLY GRAIL of trading and it dosen't exist!

I tend to find good areas of support and resistance work well aswell as supply and demand and if they both coincide with one an other than you have a good reason for the trade. People who post there charts on here sometimes baffle me and I think Im looking at a piece of Picasso's art and wonder if even they know what there looking at.

YES.... I do make losing trades myself from time to time but I learn the lesson and find out why I made the error!

I made an error of putting a sell order at a price 1.60650 and when I look at it I can see why. Daily has hit a speed bump aswel as 50 EMA and ASWEL as a past resistance turn new support at 1.5980ish!!

So this is my advice too you (and it may sound cliche) but take on board what people say and do on here but dont always act on IT!!
Trading comes quickly, patience and discipline does not!
  • #326,768
  • Oct 12, 2012 1:01pm Oct 12, 2012 1:01pm
Quoting Hamidtraders
Hi all,
[size=3][font=Calibri]I have over the last week set up a demo trading account since Monday 8th October the screenshots of the stats is below. I currently have a position open GBP/USD sell @ 1.60553 the trade is currently -$952.18. I was wondering how and when to decide to take the losses as this would be the first losing trade in the week. If I close this trade now, the loss would be seven times higher than my biggest profit on a trade. Clearly I am doing something wrong, does anyone have any trading strategies...
Not enough information here.

What's the Balance of the account?

Do you have a stop loss in place?

Does that stop loss represent NO more than 1% to 2% of your account?

What Target do have in mind for the trade?

What's your trade plan? i.e. what led you to take it? charts, indicators, math calculations?

Have you gone to school? http://www.babypips.com/school/ to learn the basics?

As far as strategies to trade GU? They are the same as any other pair. Buy low, sell high. But there's much to learn to do that consitantly and more important...PROTECT your account.
Ghost Rider - WWTBMD?
  • #326,769
  • Oct 12, 2012 1:07pm Oct 12, 2012 1:07pm
Quoting albchr
not enough information here.

What's the balance of the account?

Do you have a stop loss in place?

Does that stop loss represent no more than 1% to 2% of your account?

What target do have in mind for the trade?

What's your trade plan? I.e. What led you to take it? Charts, indicators, math calculations?

Have you gone to school? http://www.babypips.com/school/ to learn the basics?

As far as strategies to trade gu? They are the same as any other pair. Buy low, sell high. But there's much to learn to do that consitantly and...

very good reply my friend!!!
Trading comes quickly, patience and discipline does not!
  • #326,770
  • Oct 12, 2012 1:15pm Oct 12, 2012 1:15pm
Quoting Daddypips
very good reply my friend!!!
I get lucky once in a while
Ghost Rider - WWTBMD?
  • #326,771
  • Oct 12, 2012 1:17pm Oct 12, 2012 1:17pm
The starting balance was $5,000, £2,700 profit, currently at -$940 current equity is $6,760.
I haven't used stop losses just been watching market while trades were on.
I have been closing the trades at ~1% profit of the margin.
I have just been following the direction of the market using CCI and Bollinger.
  • #326,772
  • Oct 12, 2012 1:21pm Oct 12, 2012 1:21pm
Quoting albchr
I get lucky once in a while
Have a good weekend, Chris!
Hear the music before the song is over ...
  • #326,773
  • Oct 12, 2012 1:25pm Oct 12, 2012 1:25pm
Quoting Hamidtraders
The starting balance was $5,000, £2,700 profit, currently at -$940 current equity is $6,760.
I haven't used stop losses just been watching market while trades were on.
I have been closing the trades at ~1% profit of the margin.
I have just been following the direction of the market using CCI and Bollinger.

One thing trading has taught me is that if you dont have a stop to protect yourself then you will NEVER make money!!!
Trading comes quickly, patience and discipline does not!
  • #326,774
  • Oct 12, 2012 1:29pm Oct 12, 2012 1:29pm
Quoting Daddypips
One thing trading has taught me is that if you dont have a stop to protect yourself then you will NEVER make money!!!
There is the first lesson and the second is get some education, dont buy books from the internet or shops or expect to learn it from people on here or from babypips (although thats very good for the basics). Go on a course, you only get in life what your willing to put into it!!!
Trading comes quickly, patience and discipline does not!
  • #326,775
  • Oct 12, 2012 1:37pm Oct 12, 2012 1:37pm
Quoting Hamidtraders
The starting balance was $5,000, £2,700 profit, currently at -$940 current equity is $6,760.
I haven't used stop losses just been watching market while trades were on.
I have been closing the trades at ~1% profit of the margin.
I have just been following the direction of the market using CCI and Bollinger.
Ahhh...so another new trader treating the market as a casino and been "lucky" so far? A common situation to be sure.

Well I HIGHLY recommend going to that school if you're new to trading. Don't skip steps there. Work your way all the way through until you graduate. Once you do, you'll have the "basics" of trading. I still refrence sections of it at times.

But as the first steps as I said above, NEVER trade without a stop loss when new to trading. NEVER place more than 1% to 2% of your account balance per trade. NEVER place a trade without a PRE - THOUGHT OUT PLAN. There is SO MUCH more to cover but that's a start.

"Serious" trading is a business and has to be treated as such. Some learn faster than others but a good general rule is, DEMO trade for at LEAST 6 months to a year OR...until you can be consistantly profitable for at least 3 months in a row. (I actually recommend 6 months myself).

Treat that DEMO account (as best you can) as a REAL account. You'll find down the road that even when you're convinced you're a consistant trader, it will change once you go live and start risking REAL, hard earned money.

Track your results (wins and losses) and study what went right, or wrong. Doing this over time will help you indentify your strong and weak points about yourself, and they way you anylize the market.

Cut loosing trades FAST (apparently unlike the one you have open) and let your winners run. LOCK in profits with a stop loss as it moves your way and for me personally, take partial profit, lock in the rest and let it run. That way, your account will grow and you'll have a "stress free trade" going.
Ghost Rider - WWTBMD?
  • #326,776
  • Oct 12, 2012 1:37pm Oct 12, 2012 1:37pm
Quoting GlobalMacro
Have a good weekend, Chris!
You too my brother Hopefully we'll get a little more action next week...LOL
Ghost Rider - WWTBMD?
  • #326,777
  • Oct 12, 2012 1:55pm Oct 12, 2012 1:55pm
Cable has been kind to me for this week. I went short on monday's opening. And i have been holding my short position for 5 days from monday to friday.

I took partial profits along the way and shifted my stop loss to breakeven. Decided to hold the trade over the weekend. The best trades are the worry-free trades. As these type of trades move immediately in my favour without going near my initial stop losses.

http://i45.tinypic.com/9lfjh1.png
  • #326,778
  • Oct 12, 2012 2:03pm Oct 12, 2012 2:03pm
Quoting ForexMGames
Cable has been kind to me for this week. I went short on monday's opening. And i have been holding my short position for 5 days from monday to friday.

I took partial profits along the way and shifted my stop loss to breakeven. Decided to hold the trade over the weekend. The best trades are the worry-free trades. As these type of trades move immediately in my favour without going near my initial stop losses.
Very nice!
Ghost Rider - WWTBMD?
  • #326,779
  • Oct 12, 2012 2:19pm Oct 12, 2012 2:19pm
Hi people

Price bounced from the 0,382 level and now, after a doji candle and a bullish divergence on RSI, it seems to have started the rise..

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.png Size: 68 KB


We can consider too that it's within an ascending triangle and the projection of the abcd patter ABCD pattern above shown is precisely on the resistance of the triangle..

Attached Image (click to enlarge)
Click to Enlarge Name: longterm.png Size: 71 KB


Could it be a possibility?
  • #326,780
  • Oct 13, 2012 2:24am Oct 13, 2012 2:24am
Quoting Hamidtraders
Hi all,
[size=3][font=Calibri]I have over the last week set up a demo trading account since Monday 8th October the screenshots of the stats is below. I currently have a position open GBP/USD sell @ 1.60553 the trade is currently -$952.18. I was wondering how and when to decide to take the losses as this would be the first losing trade in the week. If I close this trade now, the loss would be seven times higher than my biggest profit on a trade. Clearly I am doing something wrong, does anyone have any trading...

hi there

first thing first there is not such thing as getting rich overnight.

50% return in 1 week makes you 200% in one month...in your dreams...the more balance you have the more smelly your pants will be.


my advice,on a 5 k acc use only 0.5 lots per trade or even 0.2 not more than this

why ?

just take 1/3 of the max value in a trade and use it.if this one is stuck in a shitty PA then you can use the second 1/3 for another trade on another pair and still to have 1/3 as a buffer.this is what I do

sure,you could risk 10 lots per trade as I did Friday on a short from 6083 but I only have 8 pips SL

small SL comes in time and with many fried brains.sometimes you realize that bullets bitten are not that bad at taste.

you have 6.7 k
it's demo

take the loss and you're still in profit

even if your trade will turn your way just don't look back and continue trading.time will filter your bad entries....and always always place SL

sometimes with high news platforms fail to work...and might take minutes to restart them.don't leave your acc exposed
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