Best Thread Live Cable Trading

[Uphios]

Yes currently short but kicking myself a little. I had a short yesterday at 7480 which I was pleased about. It went 20 pips in profit fairly quickly and at that point my money management rules (which are paramount) tells me to set my stop at entry. Well a little later it hit 7480 on the BUY side and I closed. It never went a single pip higher. So my replacement is 7452 which in the scheme of things is no big deal, but I do love to hit the high and low . One of those rare cases where the spread actually makes a difference.

PS. Current stop is at 7452, again because it has been 20 points lower than my entry, Have to preserve the hard fought for funds.

 

[eatontrade]

Yes currently short but kicking myself a little. I had a short yesterday at 7480 which I was pleased about. It went 20 pips in profit fairly quickly and at that point my money management rules (which are paramount) tells me to set my stop at entry. Well a little later it hit 7480 on the BUY side and I closed. It never went a single pip higher. So my replacement is 7452 which in the scheme of things is no big deal, but I do love to hit the high and low . One of those rare cases where the spread actually makes a difference.

PS. Current stop is at 7452, again because it has been 20 points lower than my entry, Have to preserve the hard fought for funds.

Yeah agree that it is the money management that is key. Its always frustrating as hell when you get stopped out because you followed your rules but overall you will lose less than you miss out on.

EDIT just realised that probably doesnt make sense. Just mean that overall it pays.

 

[Uphios]

It's super important, especially on spreadbetting. You can win all you like but they only have to clear your account once.

 

[Uphios]

I expect we have all done it at some point. Take a position that you are convinced you are right about. Watch it go through your entry because you don't want to have to lose the spread, then watch it go through your stop and convince yourself you just timed it wrong. Next you know the loss is bigger than you are prepaired to accept so you start hoping for a return to your original stop then the loss becomes so bad you wish you had taken the loss you weren't prepaired to accept. Shortly followed by the dreaded 'margin call'. Ouch. Very depressing.

 

[trendie]

Guess not!

you may yet get your 100 north.
( you didnt say where the start-point was, did you ? )
wonder if any fib-retrace was involved, but cant find any.

 

[trendie]

I expect we have all done it at some point. Take a position that you are convinced you are right about. Watch it go through your entry because you don't want to have to lose the spread, then watch it go through your stop and convince yourself you just timed it wrong. Next you know the loss is bigger than you are prepaired to accept so you start hoping for a return to your original stop then the loss becomes so bad you wish you had taken the loss you weren't prepaired to accept. Shortly followed by the dreaded 'margin call'. Ouch. Very depressing.

dont forget the flip side to this.
you have a profitable position, and you dont want to give much of it back, and you end up second-guessing yourself to take profits before they disappear, and end up bailing out too early.

 

[jezza888]

you may yet get your 100 north.
( you didnt say where the start-point was, did you ? )
wonder if any fib-retrace was involved, but cant find any.

I was only looking at it as a break from the channel skywards.... Not so sure now!

 

[Uphios]

dont forget the flip side to this.
you have a profitable position, and you dont want to give much of it back, and you end up second-guessing yourself to take profits before they disappear, and end up bailing out too early.

True. I never have really sorted out a good target. However, I did discover that those missed points are soon forgotten about, the real losses arn't.

PS and a green screen whils't I wrote this. Out at entry again. I kind off hope this doesn't head south from here.

 

[eatontrade]

I'm currently long hoping for a bounce back to bottom of range at 7450, then wil reverse.

Now at target but think there nay be more. So closing half posn and moving stop on rest up to 40

 

[jacinto]

you may yet get your 100 north.
( you didnt say where the start-point was, did you ? )
wonder if any fib-retrace was involved, but cant find any.

50% of yesterdays low-high @ around 28

oops, sorry, 38%

 

[eatontrade]

Looked toppy so now gone short

 

[Uphios]

I'm still out. Have to wait until either 7462 or 7430 area. Another problem with getting shaken out of my 7480 entry. I must review my rules for that initial entry.

 

[eatontrade]

I'm still out. Have to wait until either 7462 or 7430 area. Another problem with getting shaken out of my 7480 entry. I must review my rules for that initial entry.

can I ask why 7462 ? Isnt that the middle of the early morning range ?

 

[Uphios]

7480ish to 7420ish, 60 points. 2/3 retrace before next down equals 7420 + 40 gives 7460 area. All figures give or take a couple of points.

Or put another way an approximation of a fib retrace from yesterdays high to todays low.

 

[eatontrade]

7480ish to 7420ish, 60 points. 2/3 retrace before next down equals 7420 + 40 gives 7460 area. All figures give or take a couple of points.

OK. Just checked the fib levels on move from morning's high to low and I have 61.8% retrace at 7455 (which it just about touched, 54 on my chart). So hopefully (for my short anyway) that retrace in now in place....

 

[Uphios]

I have re-thought my initial entry rule and come up with a minor mod. I entered yesterday at 7480 but actually saw a sell price of 7482. I initially have a 20 point stop on entry that reverts to my entry point if the trade goes 20 in profit. I am going to modify that to revert to the high instead of my entry. Shouldn't make much difference but would have for yesterdays case.

 

[mickandpete]

Sorry to be a bit fudged here but
1400 GMT US Net foreign Security Purchases
Not a figure I follow and normally not too explosive however I have heard comments that this number may confirm a trend that is developing for the underfunding of US trade defecit.
Be grateful of any further info from anyone that knows.
Am digging deeper myself

 

[eatontrade]

Here is a write up on the TIC data. I have seen big swings on Cable after this data if it is far off expectations.

http://money.cnn.com/markets/IRC/index.html?cal=50&eventID=13CFCAF9-7FE3-467D-9D4A-977FA937B913

 

[Uphios]

Sorry to be a bit fudged here but
1400 GMT US Net foreign Security Purchases
Not a figure I follow and normally not too explosive however I have heard comments that this number may confirm a trend that is developing for the underfunding of US trade defecit.
Be grateful of any further info from anyone that knows.
Am digging deeper myself

Not much that I can add other than a reminder that the UAE stated they were re-allocating 10% of their US dollar holding to other currencies as a minor protest over the P&O deal. I would imagine that even if this has occured and other countries have joined them it would have been to late to be accounted for in todays figures.

 

[mickandpete]

To be honest why its fudged is that I was
Switched to BB after watching Cheltenham (had a few beers,If u cant BE there ,pretend) and caught tail end of Chief FX Strategist at Lemans/Merryl/???? who WAS attaching great significance to these numbers