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Cable Update (GBPUSD)

  • #392,341
  • Aug 8, 2014 9:27am Aug 8, 2014 9:27am
The Four agreement:
1.Be Impeccable with Your Word:
Suppose i open a trade and committed to hold until SL or TP touch regards with my money management.
Finally i have to patient to hold the trade. This is my 1st agreement with forex and keep my word with myself.

2. Don't Take Anything Personally:
??????????????????????????????????????
Dear HDA what is the perspective for forex??

3. Don't Make Assumptions:
I do not hope about price. price may go there and here etc. etc. etc.

4. Always Do Your Best
My best is going to change from moment to moment.
  • #392,342
  • Aug 8, 2014 9:28am Aug 8, 2014 9:28am
Quoting elbert3
{quote} just closed out gbusd i have had enough ,,we might retrace here ,not sure but thats me GM,, for now Gl Billy and thanks ,,

The Four agreement:
1.Be Impeccable with Your Word:
Suppose i open a trade and committed to hold until SL or TP touch regards with my money management.
Finally i have to patient to hold the trade. This is my 1st agreement with forex and keep my word with myself.

2. Don't Take Anything Personally:
??????????????????????????????????? ???
Dear HDA what is the perspective for forex??

3. Don't Make Assumptions:
I do not hope about price. price may go there and here etc. etc. etc.

4. Always Do Your Best
My best is going to change from moment to moment.
  • #392,343
  • Aug 8, 2014 9:29am Aug 8, 2014 9:29am
Quoting chazzle
a bounce at support - shit, whoda thought?
tbh , see no support where it bounced ... weird ...
Hear the music before the song is over ...
  • #392,344
  • Aug 8, 2014 9:39am Aug 8, 2014 9:39am
Bounced at some small 1H demand. Right on cue. If you don't see the 1H demand, throw a 800ema on your 4H chart. To the pip.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusdmh1.png Size: 63 KB
Click to Enlarge Name: gbpusdmh4.png Size: 61 KB
Ghost Rider - WWTBMD?
  • #392,345
  • Aug 8, 2014 9:42am Aug 8, 2014 9:42am
Quoting kibrul
The Four agreement: 1.Be Impeccable with Your Word: Suppose i open a trade and committed to hold until SL or TP touch regards with my money management. Finally i have to patient to hold the trade. This is my 1st agreement with forex and keep my word with myself. 2. Don't Take Anything Personally: ?????????????????????????????????????? Dear HDA what is the perspective for forex?? 3. Don't Make Assumptions: I do not hope about price. price may go there and here etc. etc. etc. 4. Always Do Your Best My best is going to change from...
@kibrul:

When you lose on a trade, don't sit there beating up yourself about it. Move on to the next trade. Don't take it personal. You must just see the loss as a cost for doing business. All business have expenses. A lost trade is an expense that you are not to take personal and remember, the key is to minimise your expense and increase your profit.

When you sit griping about a lost trade, many other opportunities to place your next trade will be passing you by. So accept the loss and quickly move on. Don't hang on to the trade for 1100 pips in the red. Let Go and find the next trade. Many other opportunities will be there again to make it back.

But when you hold on to it. Its the same way you will let everything in life affect you and your emotions will always get the better of you.

In your personal life, do the same. If someone rubs you the wrong way, don't take it personal, see it for what it is and move on. When you master that, by controlling your emotions and not get upset and attack, that discipline transfers in your trading. You immediately learn to let go of your lost trade and move on.

But if you hold on to it, you will keep repeating the scenario over and over and over. So will your losses increase



HDA OUT
  • #392,346
  • Aug 8, 2014 9:43am Aug 8, 2014 9:43am
Quoting GlobalMacro
{quote} tbh , see no support where it bounced ... weird ...
GU W1

well, a few levels in this grey area
Attached Image (click to enlarge)
Click to Enlarge Name: guw1.PNG Size: 24 KB
  • #392,347
  • Aug 8, 2014 9:46am Aug 8, 2014 9:46am
its a trick ,or small pull back $ is at crunch time , have taken gbp nzd short

Quoting chazzle
{quote} GU W1 well, a few levels in this grey area {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #392,348
  • Aug 8, 2014 9:47am Aug 8, 2014 9:47am
Quoting ill_be_back
{quote} No LONG for me till 1.6786
Missed by 1 pip
A good trader follows his rules, but great trader knows when to break them
  • #392,349
  • Aug 8, 2014 9:49am Aug 8, 2014 9:49am
Quoting HDA
{quote} @kibrul: When you lose on a trade, don't sit there beating up yourself about it. Move on to the next trade. Don't take it personal. You must just see the loss as a cost for doing business. All business have expenses. A lost trade is an expense that you are not to take personal and remember, the key is to minimise your expense and increase your profit. When you sit griping about a lost trade, many other opportunities to place your next trade will be passing you by. So accept the loss and quickly move on. Don't hang on to the trade for 1100...
@HDA
Thanks a lot for clear explanation . I have one more question to u that:
What is the best trading plan for who have no institutional account (poor trader)?
Is it only price action from chart rather than DOM(depth of market)?
  • #392,350
  • Aug 8, 2014 9:51am Aug 8, 2014 9:51am
is it consolidation or not ,
Attached Image (click to enlarge)
Click to Enlarge Name: USDXDaily 8-8.png Size: 34 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #392,351
  • Aug 8, 2014 9:53am Aug 8, 2014 9:53am
Quoting HDA
{quote} @sami4240: Thank you SIR (salute) Where is JimmyC my position trading partner we basically have the same trade he has 3 entries though and I have 2? HDA OUT

i think JIMMY C already closes his entries and enjoying with his..... i hope you understand xxxx
  • #392,352
  • Aug 8, 2014 9:53am Aug 8, 2014 9:53am
Quoting Bones
its a trick ,or small pull back $ is at crunch time , have taken gbp nzd short {quote}
agree , f:::::ers bluffing ... some kinda timing that dollar to take a dive...
Hear the music before the song is over ...
  • #392,353
  • Aug 8, 2014 9:57am Aug 8, 2014 9:57am
Quoting kibrul
{quote} @HDA Thanks a lot for clear explanation . I have one more question to u that: What is the best trading plan for who have no institutional account (poor trader)? Is it only price action from chart rather than DOM(depth of market)?
@kibrul:

It takes money to make money.

So if you don't have the money, use what little you have to develop your trading skill and plan while learning to handle the emotional side to it. When you have a small account, its not a bad thing, you will only be forced to learn patience and it will take forever to grow, but while it is growing, you are developing your skill, your patience and most importantly, yourself

HDA OUT
  • #392,354
  • Aug 8, 2014 9:59am Aug 8, 2014 9:59am
Quoting Bones
its a trick ,or small pull back $ is at crunch time , have taken gbp nzd short {quote}
I don't like to think in those terms; fake this/false that/tricks etc - to me it feels like giving oneself an unnecessary mental burden

and this is weekly dollar index futures - this weeks candle looks bearish - but even so, has a lot more importance re. Eurodollar given the weighting of the basket

DX W1
Attached Image (click to enlarge)
Click to Enlarge Name: dx.PNG Size: 39 KB
  • #392,355
  • Aug 8, 2014 10:01am Aug 8, 2014 10:01am
Quoting chazzle
{quote} GU W1 well, a few levels in this grey area {image}
got nothing major in front of 1.6750
Hear the music before the song is over ...
  • #392,356
  • Aug 8, 2014 10:02am Aug 8, 2014 10:02am
Quoting eliasahmar
{quote} .3420 maybe a bit far but based on my chart it's 25% fibo level so i will give it a try, but let's see how the market reacts to all these Russian-European sanctions war and Obama's decision (few hours ago) to start airstrikes in Iraq... it might have a negative affect on euro... will see when London market opens
tp was reached so smoothly haha that's why I like trading EU... so clear and simple numbers
  • #392,357
  • Aug 8, 2014 10:02am Aug 8, 2014 10:02am
out of here for a bit - back for the close
  • #392,358
  • Aug 8, 2014 10:02am Aug 8, 2014 10:02am
Long gu @ 1.67987 tp 168600 sl 167770
A good trader follows his rules, but great trader knows when to break them
  • #392,359
  • Aug 8, 2014 10:03am Aug 8, 2014 10:03am
Quoting chazzle
{quote} I don't like to think in those terms; fake this/false that/tricks etc - to me it feels like giving oneself an unnecessary mental burden and this is weekly dollar index futures - this weeks candle looks bearish - but even so, has a lot more importance re. Eurodollar given the weighting of the basket DX W1 {image}
@chazzle:

That's the emotions

It's not a trick - traders tend to over analyze everything.

Another approach would be to identify the set up and just trade it.

Again, this is debatable and everyone will have a different take and we have to respect that.

I prefer to find the most stress free way to approaching the market and then let the market do what it wants.



Bones and I are pals we understand each other


HDA OUT
  • #392,360
  • Aug 8, 2014 10:12am Aug 8, 2014 10:12am
Quoting chazzle
{quote} I don't like to think in those terms; fake this/false that/tricks etc - to me it feels like giving oneself an unnecessary mental burden and this is weekly dollar index futures - this weeks candle looks bearish - but even so, has a lot more importance re. Eurodollar given the weighting of the basket DX W1 {image}
.. Agreed. An alternate and often costly way to deal with the emotional burden of being wrong in our assessment. Excuses cost time and money. Reevaluate, readjust and move on quickly.
Ghost Rider - WWTBMD?
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