Cable Update (GBPUSD)
- #366,423
- Feb 27, 2014 9:47am Feb 27, 2014 9:47am
- Joined Oct 2008 | Status: CANCELLED MEMBERSHIP | 3,116 Posts
- #366,425
- Feb 27, 2014 10:16am Feb 27, 2014 10:16am
- Joined Oct 2008 | Status: CANCELLED MEMBERSHIP | 3,116 Posts
{quote} I have just checked you out, your an old hat then,respectfully .lol i will still look out for your posts, i see that your well followed good luck as ever, regards Billy
Yes, I'm an old hat in the business of trading, but very young at heart and age lol
but I'm never too old to learn from everyone.I show respect to every trader and post respectfully in all threads that I visit by keeping my posts to a minimum and making them very relevant.
I don't believe in hindsight trading, it is dishonest trading and this is why I post my plan for the day before the market moves and then you can watch it unfold.
This mornings post at 5:20am eastern proves that.
I do not support bragging and boasting - I only encourage support, guidance, sharing of credible information and respect for my fellow trader.
HDA OUT
- #366,426
- Feb 27, 2014 10:19am Feb 27, 2014 10:19am
- Joined Dec 2008 | Status: Resident Psychiatrist!!! | 2,600 Posts
- #366,427
- Feb 27, 2014 10:29am Feb 27, 2014 10:29am
{quote} @elbert3: Yes, I'm an old hat in the business of trading, but very young at heart and age lol
. It was worth the shot. I am still trading the down channel with a lot of shorts, but at the moment its very close to the upside (or i am just plain wrong?). Do you recommend a SL at 6740 (your break-out price)? Currently have hedge buy stops at 6700, 6720 and 6740.
- #366,428
- Feb 27, 2014 10:31am Feb 27, 2014 10:31am
- Joined Feb 2011 | Status: building a shortfolio | 2,418 Posts
Twitter: @TrendersGame
- #366,429
- Feb 27, 2014 10:33am Feb 27, 2014 10:33am
- Joined Oct 2008 | Status: CANCELLED MEMBERSHIP | 3,116 Posts
I think I'm going to hold on to my BUY orders for now - She might go UP into the supply Zone before coming down again ..Looking at the Possible Pattern Do you own analysis b/c I see some traders in here want to open SELL orders .. GU 4hr ...( bit*h is Crazy right now ..) GL http://www.youtube.com/watch?v=2AvJ11Jzzbo {image}
Love the song While we are all sharing our opinions on the market, we must do our own analysis and trade what you see and not necessarily what others see. If you both see the same thing, then make that trade, but do not blindly follow traders. Everyone's methodology, risk tolerance and account size is not the same.
Very good point taomql4
HDA OUT
- #366,431
- Feb 27, 2014 10:42am Feb 27, 2014 10:42am
{quote} @elbert3: Yes, I'm an old hat in the business of trading, but very young at heart and age lol
A handful of patience is worth a bushel of brains
- #366,432
- Feb 27, 2014 10:50am Feb 27, 2014 10:50am
- Joined Oct 2008 | Status: CANCELLED MEMBERSHIP | 3,116 Posts
- #366,433
- Feb 27, 2014 10:56am Feb 27, 2014 10:56am
{quote} @sunny0: You are trading without a plan. Never place a trade without first establishing your plan. You must have rules for entry, exit, risk and not to trade. most people don't realize that the option, not to trade is also trading. It is taking a position to safe guard your account because you see no clear entry. What was your reason for going short at 1.66337? What was your reason for going long with a take profit at 1.6975? When you show how you justified those entries, it will be easier to help you see how to handle your trade. HDA OUT...
- #366,434
- Feb 27, 2014 11:03am Feb 27, 2014 11:03am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
HDA
Great to have you here.Keep posting my friend.One can never stop learning.
Here is a song that I am learning to play now.
One of best live performances by U2
Great to have you here.Keep posting my friend.One can never stop learning.
Here is a song that I am learning to play now.
Inserted Video
One of best live performances by U2
In trading, you have to be defensive and aggressive at the same time
- #366,435
- Edited 11:23am Feb 27, 2014 11:10am | Edited 11:23am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #366,436
- Feb 27, 2014 11:12am Feb 27, 2014 11:12am
- Joined Oct 2008 | Status: CANCELLED MEMBERSHIP | 3,116 Posts
HDA Great to have you here.Keep posting my friend.One can never stop learning.
I also play the guitar but I'm most accomplished on the piano. Great vocals though from U2 - I can only play, can't sing to save my life
Once you can play any musical instrument you will be welcomed in any woman's home.You know I can't stick around to post like I have in the past, just paying my respects. I got a wife with a stick and a promise to keep.
I'll leave the posting to youHDA OUT
- #366,437
- Feb 27, 2014 11:44am Feb 27, 2014 11:44am
- Joined Jan 2005 | Status: ~ Noblesse Oblige ~ | 1,663 Posts
There are those who know, and there are those who don't know.
- #366,438
- Feb 27, 2014 12:05pm Feb 27, 2014 12:05pm
- Joined Oct 2008 | Status: CANCELLED MEMBERSHIP | 3,116 Posts
{quote} well honestly it was a rookie mistake. i took the short early in the afternoon GMT because i had a big feeling looking at the chart it would drop to 1.65. but then all of a sudden the market turned and it started to rise dramatically. i then got worried about being in the minus and didn't want to close my position because
so i waited to see what happened and it carried on rising. then i made the stupid mistake of reading what other traders were saying which was talking about...
Not to worry, we are all here learning as we go along
If you find yourself in this position again saying these things, it means you have traded without a plan.
- i had a big feeling looking at the chart
- i think this was just a wave and it will come down
- i made the stupid mistake of reading what other traders were saying
- i then thought
sunny0, Trading has a learning curve for arguably seven years before you get it. It requires a lot of screen time and formal training. For those who don't go the root of formal training, where you actually sit in a physical class room and be taught this, it will take you a lot longer to learn. I was formally trained. I am not here to advertise for anyone, so you can do your research and find a proper institution if it is your interest to get formal training.
Because you did not have a plan, your emotions will take over and you will not have the mettle to stay in your trade or to get out. At this point you have illustrated that you don't have a strong command of the fundamentals of trading.
Resistance
Support
Trend Direction
etc
You sold at support when you entered at 1.66337. In my previous post at 5:20am eastern I shared that bids were at 1.6620 and 1.6600 - BIDS mean buyers so when you sold at 1.66337 buyers were lined up at 1.6620, so that's why it started going up when those orders were filled. You do not sell at support and you do not buy at resistance.
Offers means sellers - so when I wrote that offers are at 1.6700 it would not be prudent to buy there. Just an example.
You have also not indicated what is your risk for either trade. You must identify your risk/reward ratio before placing your trade.
You have not stated what your long entry price was, you only stated your exit price of 1.6975 with no reason.
Support is at 1.6630, if the market heads back down, close your short trade when or if it gets there. You can do so now by moving your TP to breakeven.
I am short at 1.6690 looking to exit at 1.6630 lets see what happens. I have a clear plan, you need to have a clear plan also.
I can't advise you on the long because I do not know your entry price.
You should not be trading until you have learnt the basics in trading atleast. If you are going to trade, then you should be trading a demo account.
HDA OUT
- #366,439
- Feb 27, 2014 12:30pm Feb 27, 2014 12:30pm
- Joined Jun 2013 | Status: Trader | 3,071 Posts
Howzit Cable!
Well lets look at the 4H
Decreased volatility with tighter swings, we've gone from going down to going sideways and the R/R is better to the downside but patience can still yield some movement its getting interesting I'm of the opinion things will liven up during tomorrows data.
That low, is a high low... and the last swing high is a low high, price compressing for a break..
Trade safe
Well lets look at the 4H
Decreased volatility with tighter swings, we've gone from going down to going sideways and the R/R is better to the downside but patience can still yield some movement its getting interesting I'm of the opinion things will liven up during tomorrows data.
That low, is a high low... and the last swing high is a low high, price compressing for a break..
Trade safe
