Best Thread Live Cable Trading

[jacinto]

I guess its a case of ait and see, its been a strong recent rise to the current price and there are a few resistance pointers but on the flip side, the forecast for NFP is below previous and, although news is usually beyond me (I like my charts), I think a low figure = bad for dollar???



30 may not be 50 but certainly better than 0....!

your' right. took a small short in euro @ 24, as I wrote the above. triangle broken, but whimp me brought to breakeven, and just got stopped. this goes to 2195 in the next 15 minutes

 

[jezza888]

Looks like cable may break the bottom of that triangle soon.... (staying clear till tommorow though - drinking and trading don't work!)

 

[jacinto]

Looks like cable may break the bottom of that triangle soon.... (staying clear till tommorow though - drinking and trading don't work!)

who says no.....I went to the pub for my break @ 12 30, prior to the news

will redraw triangles and post. not sure were we stand....

 

[jezza888]

who says no.....I went to the pub for my break @ 12 30, prior to the news

Think it depends on how many! It doesn't help having an affliction to tequila! You can see all manor of things on a chart after too many of them....

 

[jezza888]

Broken...

Back to the drawing board....

 

[jacinto]

Think it depends on how many! It doesn't help having an affliction to tequila! You can see all manor of things on a chart after too many of them....

well, I am Mexican, so guess it depends on the tequila you drink!

 

[jezza888]

well, I am Mexican, so guess it depends on the tequila you drink!

Excellent! :cheesy:

One of those places on my 'must go in the world' is Jalisco and of course Tequila.....

I'm afraid my local only offers Jose Cuervo Gold but there is a great little bar in Covent Garden called Navaho Joe with something like 300 tequilas up to £75 per shot! Great bar!

Anyhow, back to cable.... I'm now lost on the short term with the downward break....

 

[jacinto]

Anyhow, back to cable.... I'm now lost on the short term with the downward break....

same. no clue.

I will just call it a day, and focus on why I get cold feet and move my stops so much! On top of the 20 pips not in the bank the early trade, because of my cold feet, already let go around 50 other pips for bringing stops to breakeven in 2 other trades

It is really annoying, and psychologically draining. at least I am starting to feel that I am getting somewhere with my entries and targets......although I jump ship beforehand......guess the fear of loss is still there.

there you go, let it out already. this is cheaper than going to a psychiatrist.

 

[jezza888]

same. no clue.

I will just call it a day, and focus on why I get cold feet and move my stops so much! On top of the 20 pips not in the bank the early trade, because of my cold feet, already let go around 50 other pips for bringing stops to breakeven in 2 other trades

It is really annoying, and psychologically draining. at least I am starting to feel that I am getting somewhere with my entries and targets......although I jump ship beforehand......guess the fear of loss is still there.

there you go, let it out already. this is cheaper than going to a psychiatrist.

Depends on your strategies etc, but after extensive painstaking weekends of research I found that the safest point I can move my stops is to -15 and then not again until I hit target then I usually run a mental 10 pip stoploss till signs to exit. Then its just a case of excepting that some will lose.

I hate the old sayings of 'never let a winner become a loser' and let your winners run' and never get out too early'... all contradictory and you have to find some thing that is statistically in your favour overall.

IMO anyhow.... :cheesy:

 

[jacinto]

Depends on your strategies etc, but after extensive painstaking weekends of research I found that the safest point I can move my stops is to -15 and then not again until I hit target then I usually run a mental 10 pip stoploss till signs to exit. Then its just a case of excepting that some will lose.

I hate the old sayings of 'never let a winner become a loser' and let your winners run' and never get out too early'... all contradictory and you have to find some thing that is statistically in your favour overall.

IMO anyhow.... :cheesy:

thanks! really something to work on....


Am I seeing a Head and Shoulders in Cable in the 30 min? or I going to the pub doesnt help? just wondering.

 

[neil]

same. no clue.

I will just call it a day, and focus on why I get cold feet and move my stops so much! On top of the 20 pips not in the bank the early trade, because of my cold feet, already let go around 50 other pips for bringing stops to breakeven in 2 other trades

It is really annoying, and psychologically draining. at least I am starting to feel that I am getting somewhere with my entries and targets......although I jump ship beforehand......guess the fear of loss is still there.

there you go, let it out already. this is cheaper than going to a psychiatrist.

Maybe you coul try scalping pips via a direct broker?

 

[indexgold]

Is that what you do neil and if so, for how many pips and R/T a day

 

[l.ps]

It has come to my attention that nobody need be wrong. If we all assign one person (preferably with maximum exposure) to pass the pigeon to all others. Then, in effect, we would have a leader and then all (except those who have to take the other side of the trade e.g. MM's) could prosper. At least in theory. Does this sound like a good idea or what?

 

[jacinto]

Maybe you coul try scalping pips via a direct broker?

Thanks Neil, havent thought about it.....yet. Will keep in mind.

For the time being, I am starting to see how I am getting better at spotting patterns, support, resistance, to have the patience to wait for pullbacks and let price action give signals of false or real breakouts (one can always be wrong), and then take the trade if the elements are there for that. So, by the book, I am starting to finally do what my plan told me to do.

The key issue is emotional, fear of loss and this does not allow me to let the winners run, and it is the same kind of problem-challenge as when one starts to trade with real money....i.e. one becomes a gambler not a trader...and the only person that can deal with it is yourself, you know what I mean. I guess it has been a short time since overcoming the stage at which one is consistently in the red, more for emotional issues rather than TA issues, and so spotting good patterns, adequate entries, reasonable stops, and conservative targets, all in all high probability trades are not weighing enough to counter the fear of loss.

there you go, another free psychiatric session

An example is yesterday's 123 pattern (Higher High @ 7598, Low 7558, Lower High 7590 or so), conservative target of pattern 7518 upon break from 7558......this happened just prior to Trichet's conference so decided not to even look at it because of potential volatility. dollar went up, down up down....technically, broke down, pulled back....went in at 7542 after the 2nd rejection of pullback targeting 7510. when prices pierces through 7530, I bring my stop to break even, it pulls back, and makes a high 1/5 pip above my stop....... only to see it get to target later. so, on the one hand I get frustrated, on the other I am satisfied my TA is adequate. so more like this and I will start to see how my TA will give me high probability trades worth taking the risk (contradiction in terms, I trade, therefore I risk, but I fear risk...very human attitude. need to separate my trading personality from my own....will take time.)

trying to spot the asian session trade?......I guess I'll give this one a miss. I dont like support or resistance just outside the ranges and midway to target either way, and there are big movements coming later.

good NFP trading

sorry about the length of this post

 

[Tzachi]

Maybe you coul try scalping pips via a direct broker?

Neil,

Which direct broker would be a good one to do it with? Via spot or futures?

 

[jezza888]

Mornin all,

Had a few issues with laptop this morning, but ready now....

Any theories on where we may be by this evening anyone?

Currently got a small short open from 516 but may bail and wait for NFP later as I can't decide as yet...

 

[jacinto]

Mornin all,

Had a few issues with laptop this morning, but ready now....

Any theories on where we may be by this evening anyone?

Currently got a small short open from 516 but may bail and wait for NFP later as I can't decide as yet...

hi jezza,

dont know where cable goes today, but please tell me if this is a Head & Shoulders in Sterling, or I am seeing things, and if so, guess it partially answers the above

good luck on the short.

 

[jezza888]

could be.....

http://www.chartpatterns.com/

The head and shoulders pattern is generally regarded as a reversal pattern and it is most often seen in uptrends. It is also most reliable when found in an uptrend as well. Eventually, the market begins to slow down and the forces of supply and demand are generally considered in balance. Sellers come in at the highs (left shoulder) and the downside is probed (beginning neckline.) Buyers soon return to the market and ultimately push through to new highs (head.) However, the new highs are quickly turned back and the downside is tested again (continuing neckline.) Tentative buying re-emerges and the market rallies once more, but fails to take out the previous high. (This last top is considered the right shoulder.) Buying dries up and the market tests the downside yet again. Your trendline for this pattern should be drawn from the beginning neckline to the continuing neckline. (Volume has a greater importance in the head and shoulders pattern in comparison to other patterns. Volume generally follows the price higher on the left shoulder. However, the head is formed on diminished volume indicating the buyers aren't as aggressive as they once were. And on the last rallying attempt-the left shoulder-volume is even lighter than on the head, signaling that the buyers may have exhausted themselves.) New selling comes in and previous buyers get out. The pattern is complete when the market breaks the neckline.

 

[jacinto]

could be.....

http://www.chartpatterns.com/

The head and shoulders pattern is generally regarded as a reversal pattern and it is most often seen in uptrends. It is also most reliable when found in an uptrend as well. Eventually, the market begins to slow down and the forces of supply and demand are generally considered in balance. Sellers come in at the highs (left shoulder) and the downside is probed (beginning neckline.) Buyers soon return to the market and ultimately push through to new highs (head.) However, the new highs are quickly turned back and the downside is tested again (continuing neckline.) Tentative buying re-emerges and the market rallies once more, but fails to take out the previous high. (This last top is considered the right shoulder.) Buying dries up and the market tests the downside yet again. Your trendline for this pattern should be drawn from the beginning neckline to the continuing neckline. (Volume has a greater importance in the head and shoulders pattern in comparison to other patterns. Volume generally follows the price higher on the left shoulder. However, the head is formed on diminished volume indicating the buyers aren't as aggressive as they once were. And on the last rallying attempt-the left shoulder-volume is even lighter than on the head, signaling that the buyers may have exhausted themselves.) New selling comes in and previous buyers get out. The pattern is complete when the market breaks the neckline.

guess Im looking for patterns where I shouldnt

lets see what happens later

 

[Farce]

Anyone riding the NFP Wave?