Cable Update (GBPUSD)
- #394,702
- Aug 25, 2014 6:06am Aug 25, 2014 6:06am
- Joined Dec 2013 | Status: Trader | 19,815 Posts
- #394,709
- Aug 25, 2014 7:49am Aug 25, 2014 7:49am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #394,712
- Aug 25, 2014 7:53am Aug 25, 2014 7:53am
- Joined Jul 2013 | Status: Trader | 1,738 Posts
{quote} It's correct so its ot astonishing!! I was looking for 16572 too short with 16585 being the top... it broke 16585 and moved into the next area 16602/16618... I am classing the recent high as a touch of 1.6602 but not broken.... now support will be 16585/55 area... and I would think normally right 50 pips upto 1.6622/23 breaking the 16618 top of resistance so we can make 16641 the following day... but on a 15 minute and hourly chart it could get choppy and it might fail to break 16602 and keep falling too 16512.... Either way I will be looking...
- #394,713
- Aug 25, 2014 7:53am Aug 25, 2014 7:53am
- Joined Nov 2012 | Status: Coder | 8,521 Posts
Try don't lose pants never...
- #394,715
- Aug 25, 2014 9:13am Aug 25, 2014 9:13am
- | Joined Jan 2012 | Status: Member Test | 234 Posts
cable is worst pair to trace uni directional
I believe you have heard of something similar like if you want to win $x, prepared to lose $x.
So if you have intend to take profit at said $1.71 (I assume you want to follow HDA exit plan), you should have prepared the draw down to at least $1.636 or MORE assuming your entry at $1.673. As in how to key in your stop-loss study your 4hr or 1D chart and decide.
For example:
You have a capital of said, US$10,000. You intend to make 2% a month, and estimate that your entry and exit of the above pricing would take 2months to 3months, so you should only opened about 13000 units only. But of course along the way, you might start to close bit by bit. So after some "discount" you could end up with 1% to 1.5%.
Or if you are more conservative, half the above values.
To be able to make say 1% a month for 12 months, you are already doing about 12% a year. This might seem very little to some of the traders here. But to be able to do it year in year out over time is a skill not many can do it. (I am referring to those who really unable to do it, so do not start blasting me on this statement for those who can do it or even better)
Anyway, once you are able to do it, you will start to improve on the annual return over time cos you would have understand the logic behind it and your trade size will suit to what is comfortable to you. Wish you success in your next trade.
- #394,716
- Aug 25, 2014 9:24am Aug 25, 2014 9:24am
- | Joined Aug 2009 | Status: Trader | 1,871 Posts
Bank holiday plus anticipation of US news release in a few minutes may habe propped this up. It stopped just right at 1.6600
......wonder if it can get 40 pips lower and get below 1.6550
- #394,719
- Aug 25, 2014 11:22am Aug 25, 2014 11:22am
- Joined Sep 2011 | Status: Trader | 6,363 Posts
{quote} It was 1.6597......... ......wonder if it can get 40 pips lower and get below 1.6550
A good trader follows his rules, but great trader knows when to break them