{quote} Soon the daily candle is turning from blue to red ....I TOLD YOU ^ {image}
but it seems you were correct
At least on my platform...
Come with me if you want to live....
Cable Update (GBPUSD)
- #366,621
- Feb 28, 2014 5:13pm Feb 28, 2014 5:13pm
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
but it seems you were correct
At least on my platform...
- #366,625
- Mar 1, 2014 12:53am Mar 1, 2014 12:53am
- Joined Aug 2009 | Status: Technical fundamentalist | 2,202 Posts
Cable/Dollar_My four charts’ worth_01.03.14
Cable_Weekly
Well, I still think it may be a little too early to call Friday’s move a continuation of any uptrend, and when I look at the weekly chart, I note that we are still dancing around the 2011 highs. (The yellow horizontal line is my approximate mark for an average of the highs for 2009/2011)
I’m also aware that we have just finished month end, and so accept that price can have some unexpected fluctuations as books are balanced, etcetera.
True, the Guppy profile would suggest that PA wants to move further up, but I think I will wait for a clear break of the 2011 highs, and then any retrace upon the ascending Guppy profile, before I try to jump on the journey.
Currently, PA has not outperformed the move north two weeks previous.
Cable_Daily
Again, all indications are that price wants to head up, but the PA is, for Cable, a little lacklustre in my opinion, and so I do wonder what will happen in the run up to Spring this new month.
Dollar_Weekly
Hmm, it’s looking a little weak to me, with a crossing to the south of the Guppy profile MAs. If price heads for the 123.6 FE and beyond, then yes, I expect Cable to have a good run north.
Dollar_Daily
That spike on the candle from Thursday up to the descending Guppy profile tells a story, and I wish I had noticed it, as it would have helped my now deceased short on Cable to take remedial action. That is, I could have cut my position whilst it still had some remnant of life about it. Ah well…
Cable_Weekly
Well, I still think it may be a little too early to call Friday’s move a continuation of any uptrend, and when I look at the weekly chart, I note that we are still dancing around the 2011 highs. (The yellow horizontal line is my approximate mark for an average of the highs for 2009/2011)
I’m also aware that we have just finished month end, and so accept that price can have some unexpected fluctuations as books are balanced, etcetera.
True, the Guppy profile would suggest that PA wants to move further up, but I think I will wait for a clear break of the 2011 highs, and then any retrace upon the ascending Guppy profile, before I try to jump on the journey.
Currently, PA has not outperformed the move north two weeks previous.
Cable_Daily
Again, all indications are that price wants to head up, but the PA is, for Cable, a little lacklustre in my opinion, and so I do wonder what will happen in the run up to Spring this new month.
Dollar_Weekly
Hmm, it’s looking a little weak to me, with a crossing to the south of the Guppy profile MAs. If price heads for the 123.6 FE and beyond, then yes, I expect Cable to have a good run north.
Dollar_Daily
That spike on the candle from Thursday up to the descending Guppy profile tells a story, and I wish I had noticed it, as it would have helped my now deceased short on Cable to take remedial action. That is, I could have cut my position whilst it still had some remnant of life about it. Ah well…
Author of: For Pip's Sake! (Available at Amazon... :-) )
- #366,628
- Mar 1, 2014 1:35am Mar 1, 2014 1:35am
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Been laughing my brains out since yesterday cause there are too many blind teachers leading other blind suckers in here{image}
Come with me if you want to live....
- #366,629
- Mar 1, 2014 1:48am Mar 1, 2014 1:48am
- Joined Nov 2013 | Status: Trader | 2,387 Posts
EU & GU Continues Bullish run,lets see what he said later
"Markets are never wrong,opinions Often are"
"Markets are never wrong,opinions Often are"
- #366,630
- Mar 1, 2014 3:28am Mar 1, 2014 3:28am
- Joined Jun 2013 | Status: Trader | 3,071 Posts
{quote} Makes sense (to me), but the PA (in my humble view) after every retracement gets stronger and stronger. It wants to go up and retest ~1.6820 and I am long everytime to cover my shorts. Till now it works, but I have to take my loss if it breaks above the high. (minimal loss due hedging). I started forex trading only last october so I "guess" (I know with my strategy win or lose) I have to learn it the hard way.
Hello Pipmyday
This is hedging (http://en.wikipedia.org/wiki/Hedge_(finance))
What you're doing is called locking in a loss
Don't for 1 second believe that you're doing anything different, basically you're decreasing the speed at which you'll lose your account by not having adopted a strict adherence to STOP LOSS RULES (average and normal trading behaviour is 2% in the wrong direction -close the trade)
Traders (all traders) have winners and losers)
Successful traders keep the losers small 2% and the winners big (more than 2%)
Your account strategy is to now HOPE that price action will be inclined to return to your entry level and below on a trade you let get away from you (right?
)Every new trader does, this. They see a loss, refuse to acknowledge it, the loss then gets "too big to take" and they open a couple of trades in the opposite direction and hope.
Hope is not a trading strategy its an emotional response.
Can you solve the problem?
Absolutely
You close the losing positions before you blow your account up. (right now!?)
Why?
Your financial capital and your emotional capital are both going to be destroyed. You cannot trade with a clear head through a draw-down, the emotions involved are too complex for even the most seasoned traders to cope with, so you're not going to be different or the exception. Eventually, you are going to capitulate and close the loss or you will simply get a margin call, add money to the account, grow the loss, add money to the account, grow the loss and then run out of money for and in the account.
That's how most trading careers end... 95% of the traders who ever trade
Save yourself now, stop trading a live account. Go back to demo, attend training, do your homework, develop a trading plan and some discipline or join the 95%
Regards,
and Good Luck
J
- #366,632
- Mar 1, 2014 3:43am Mar 1, 2014 3:43am
- Joined Dec 2009 | Status: The New Legend™ | 4,846 Posts
{quote} Please, Do not SHOW the Pictures by mimick my techniques !
http://s17.rimg.info/fbbf4f12ce6989b...aa10c639be.gif
Oo... It seem I need Change my Trading Style's http://s19.rimg.info/f4b0f3e779989cd...a7a48d2f5d.gif
Always looking the GREAT, never left GOOD Point...
- #366,634
- Mar 1, 2014 6:08am Mar 1, 2014 6:08am
- Joined Jun 2013 | Status: Trader | 3,071 Posts
Cable Daily
Trader Caution Advised
- Perhaps a reason to stay out on Monday
Things in the Ukraine have been less than stable lately here is the background news
http://www.bbc.com/news/world-middle-east-26248275
Ukraine civil war or Russian Invasion
It appears that Russia is preparing to move troops into the Crimea
http://www.foxnews.com/world/2014/02...kraine-future/
Market Response
$SPX 500 15 minute view of Friday trading action
Economic value of Ukraine
http://www.indexmundi.com/ukraine/economy_profile.html
Can you trade the crisis
FX wise not really but watch for DX strength as most conflict support commodities are dollar based Fuel etc...
NG prices may experience volatility
Why does all of this matter, well military conflict causes unexpected volatility that can violently hit your stops
- Check the slippage factor your broker offers (its ave of 30%)
- Trade with mechanical stops ON
- Keep smaller position szes
- Stay out till this blows over
my 1+1c around Monday expectation.
Trader Caution Advised
- Perhaps a reason to stay out on Monday
Things in the Ukraine have been less than stable lately here is the background news
http://www.bbc.com/news/world-middle-east-26248275
Ukraine civil war or Russian Invasion
It appears that Russia is preparing to move troops into the Crimea
http://www.foxnews.com/world/2014/02...kraine-future/
Market Response
$SPX 500 15 minute view of Friday trading action
Economic value of Ukraine
http://www.indexmundi.com/ukraine/economy_profile.html
Can you trade the crisis
FX wise not really but watch for DX strength as most conflict support commodities are dollar based Fuel etc...
NG prices may experience volatility
Why does all of this matter, well military conflict causes unexpected volatility that can violently hit your stops
- Check the slippage factor your broker offers (its ave of 30%)
- Trade with mechanical stops ON
- Keep smaller position szes
- Stay out till this blows over
my 1+1c around Monday expectation.
- #366,635
- Mar 1, 2014 6:25am Mar 1, 2014 6:25am
{quote} Hello Pipmyday This is hedging (http://en.wikipedia.org/wiki/Hedge_(finance)) What you're doing is called locking in a loss Don't for 1 second believe that you're doing anything different, basically you're decreasing the speed at which you'll lose your account by not having adopted a strict adherence to STOP LOSS RULES (average and normal trading behaviour is 2% in the wrong direction -close the trade) Traders (all traders) have winners and losers) Successful traders keep the losers small 2% and the winners big (more than 2%)...
Anyway, thanks for the advice and conformation
.
- #366,636
- Mar 1, 2014 6:32am Mar 1, 2014 6:32am
- Joined Jun 2013 | Status: Trader | 3,071 Posts
Cable notable Level
We're at a long time key level think since the '70's, the last swing low indicated that support has moved up
If 1.673 confirms as support or resistance is will be well respected for the next months... It opens 1.689 / 1.705 swing high targets
Daily Chart
Weekly Chart
You gotta know when to hold ém, know when to fold ém, know when to walk away and know when to run...
Have fun!
We're at a long time key level think since the '70's, the last swing low indicated that support has moved up
If 1.673 confirms as support or resistance is will be well respected for the next months... It opens 1.689 / 1.705 swing high targets
Daily Chart
Weekly Chart
You gotta know when to hold ém, know when to fold ém, know when to walk away and know when to run...
Inserted Video
Have fun!
- #366,637
- Mar 1, 2014 6:33am Mar 1, 2014 6:33am
- Joined Jun 2013 | Status: Trader | 3,071 Posts
{quote} Yes, locking a loss indeed. I am very much aware of the situation and the SL on my shorts is almost reached. It even has a chance to be triggered with the weekend gap if it opens higher. With the gains I made that makes it a loss AND mistake for me. I did not open anymore longs so its loss, less loss or break even for me. I am much more comfortable with single calculated trades with a SP/TP. I will be taking that path in the future again no worries this draw down was too nerve recking.
Good lesson always
- #366,638
- Mar 1, 2014 7:48am Mar 1, 2014 7:48am
- Joined Jan 2011 | Status: dump and pump | 4,055 Posts
All posts are my personal opinion
