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Cable Update (GBPUSD)

  • #387,441
  • Jul 15, 2014 7:21pm Jul 15, 2014 7:21pm
Still beating the old "my way is the only way" dead horse in here...eh?

Well this thread has once again taken a turn for the worse. Ya'll have fun now.
Ghost Rider - WWTBMD?
  • #387,442
  • Jul 15, 2014 7:22pm Jul 15, 2014 7:22pm
Some use fundamental SL.
As long as Fundies on both sides of the pair are considered and calculated "relatively" (not easy to do BTW) then some hold until this changes.

Just don't be greedy
Come with me if you want to live....
  • #387,443
  • Edited 7:46pm Jul 15, 2014 7:25pm | Edited 7:46pm
Quoting Davit
{quote} GM I don't know if you know but I am an artist.To develop as an artist its customary to copy masters for years before one can say "I am an artist".Along the line you start developing your own style. Its honest appreciation that they are people out there better then you.I recognize this fact and that's why my trading is improving by every month.I consciously read, research everything.I still have long way to go. Regards
Yes I know you're an artist and I agree having a role model is a positive thing.
But as an artist the masters you copied to develop yourself, you saw their works with your own eyes, didn't you?
Same with trading.
Hear the music before the song is over ...
  • #387,444
  • Jul 15, 2014 7:27pm Jul 15, 2014 7:27pm
Quoting albchr
Still beating the old "my way is the only way" dead horse in here...eh? Well this thread has once again taken a turn for the worse. Ya'll have fun now.
Hi Chris
I think thread is more alive.Discussions are good.It highlights things that otherwise you may not have paid attention to.
I rather read hotly debated discussion then boring chart any day.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #387,445
  • Jul 15, 2014 7:31pm Jul 15, 2014 7:31pm
Quoting GlobalMacro
{quote} Yes I know you're an artist and I agree having a role model is a positive thing. But as an artist the masters you copied to develop yourself, you saw their works with your own eyes, didn't you? Same with trading, friend. Trade well.
I sense you have a need to be right.That's perfectly understandable but could become hindrance in trading as Mark Douglas very eloquently covered in "Trading in the Zone."
I will leave it at that.
In trading, you have to be defensive and aggressive at the same time
  • #387,446
  • Edited 7:57pm Jul 15, 2014 7:35pm | Edited 7:57pm
Quoting Davit
{quote} I sense you have a need to be right.That's perfectly understandable but could become hindrance in trading as Mark Douglas very eloquently covered in "Trading in the Zone." I will leave it at that.
no you're sensing wrong...we're always developing and growing....think about the point with the role models though
it's an important point....
Hear the music before the song is over ...
  • #387,447
  • Jul 15, 2014 7:37pm Jul 15, 2014 7:37pm
Closed my short with 2 pips profit. If she is going somewhere, it's probably up. Will see before London opens and data coming out.
  • #387,448
  • Jul 15, 2014 7:38pm Jul 15, 2014 7:38pm
@ HDA, Davit, GlobalM, Elbert, ;

and probably few others, good reading your posts today. Nice lively interesting discussions. I don't post too much, but share these thoughts, and good for everyone trading. Good luck to everyone.
rgds, M
  • #387,449
  • Jul 15, 2014 7:48pm Jul 15, 2014 7:48pm
nothing wrong with adding to a loser position to average better price. It is called scaling in. The key part is that one has to manage position size when it gets bigger. There is always retrace after a big move so do not add in too early. When decent retracement happens after a big move, the newly added position will be in profit. Take the newly adding off to reduce position size to reduce risk. The market can always go against you again, so you need to reduce position size after some decent retracement, and have more money to add later on. This way, by repeated in and out (rinse and repeat), your average price will improve and meanwhile keep you position size at reasonable level.
Do not just keep adding, you need to reduce position too after retracement.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #387,450
  • Jul 15, 2014 7:53pm Jul 15, 2014 7:53pm
Quoting ffleo
nothing wrong with adding to a loser position to average better price. It is called scaling in. The key part is that one has to manage position size when it gets bigger. There is always retrace after a big move so do not add in too early. When decent retracement happens after a big move, the newly added position will be in profit. Take the newly adding off to reduce position size to reduce risk. The market can always go against you again, so you need to reduce position size after some decent retracement, and have more money to add later on. This...

Or just take a 10-15 pip LOSS & accept that your entry was wrong
A good trader follows his rules, but great trader knows when to break them
  • #387,451
  • Jul 15, 2014 7:56pm Jul 15, 2014 7:56pm
Quoting ill_be_back
{quote} Or just take a 10-15 pip LOSS & accept that your entry was wrong
you will end up taking millions of losses of 10-15 pips. There is no such thing as perfect entry within pips.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #387,452
  • Jul 15, 2014 8:03pm Jul 15, 2014 8:03pm
say someone has a position and stop loss of 100 pips. What is wrong to add another one at 20 pips near the stop loss? If the stoploss gets hit you lose only 120 pips. If the price going to 10 pips near the stop loss and makes a turn and goes 40 pips in your way and you then take the newly adding off, and keep only one to run. You price will improve 40 pips.
I do not see anything wrong with scaling in and out. The key is to always reduce position size after a decent retracement to reduce risk (keep position size at reasonable level).
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #387,453
  • Jul 15, 2014 8:13pm Jul 15, 2014 8:13pm
Im sailing im sailing to the south to the west....
Im sailing storming G/U....
To be rich to be rich...
row row row your boat
  • #387,454
  • Jul 15, 2014 8:15pm Jul 15, 2014 8:15pm
added 2 more shorts at 7139 total 8 all green except 2 at 7131 which is few pips away.
In trading, you have to be defensive and aggressive at the same time
  • #387,455
  • Jul 15, 2014 8:19pm Jul 15, 2014 8:19pm
Quoting ngiler
Im sailing im sailing to the south to the west.... Im sailing storming G/U.... To be rich to be rich...
Just a advise.Don't think about the money.Focus on trading.Don't get euphoric when you win and don't get suicidal when you lose.
Common newbie mistakes winning few trades and thinking they are geniuses and infallible.Market crushes those.
Think like a motorcyclist always defensive because what may hit you is 10 times heavier.
In trading, you have to be defensive and aggressive at the same time
  • #387,456
  • Jul 15, 2014 8:21pm Jul 15, 2014 8:21pm
Quoting HDA
{quote} ....Short - 1.7045 TP - 1.6900 If the need arises to scale in Higher, I will adjust - once again - You have not lost on a trade, until it closes. AND NOW TODAY, Tuesday, July 15, 2014 Added Short at 1.7190 - Tuesday, July 15, 2014 Two short positions running now 1.7200 - options barrier 1.7190 - short and holding - Tuesday, July 15, 2014 1.7045 - short and holding - Thursday, June 26, 2014 1.6900 - Take Profit remains Lets See What Happens I remain long GBP/CAD to 1.9000 just the same. HDA OUT
For example, HDA , has two shorts at 1.7045 taken long time ago, and 1.7190 added today. It makes perfect sense to me.
HDA has two positions, with average price 1.71175. Now cable is at 1.71378. HDA could just take one off when cable drops another 20 pips, and keep one running with improved price of 72 pips. After that (taking the added one off), if cable rally another 100 pips, HDA can always add it back to improve price again.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #387,457
  • Jul 15, 2014 8:24pm Jul 15, 2014 8:24pm
Quoting Davit
{quote} Just a advise.Don't think about the money.Focus on trading.Don't get euphoric when you win and don't get suicidal when you lose. Common newbie mistakes winning few trades and thinking they are geniuses and infallible.Market crushes those. Think like a motorcyclist always defensive because what may hit you is 10 times heavier.
Thanks for d advice. I have learning forex since 2010. I just happy i have reach my weekly profit. So i no need to watch boring chart anymore XDGL and be profit
row row row your boat
  • #387,458
  • Jul 15, 2014 8:51pm Jul 15, 2014 8:51pm
Quoting ffleo
nothing wrong with adding to a loser position to average better price. It is called scaling in. The key part is that one has to manage position size when it gets bigger. There is always retrace after a big move so do not add in too early. When decent retracement happens after a big move, the newly added position will be in profit. Take the newly adding off to reduce position size to reduce risk. The market can always go against you again, so you need to reduce position size after some decent retracement, and have more money to add later on. This...
Without getting too much complicated, similar to how I trade now.
  • #387,459
  • Jul 15, 2014 8:52pm Jul 15, 2014 8:52pm
Quoting ill_be_back
{quote} Or just take a 10-15 pip LOSS & accept that your entry was wrong
How I used to trade.. to many 'little' cuts..(for me anyway..)
  • #387,460
  • Jul 15, 2014 9:32pm Jul 15, 2014 9:32pm
A total of 300 pips in GBP/NZD toady. Who else took advantage of this move today ??
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