Best Thread Live Cable Trading

Baruch · Dec 6, 2005

Kaffee said:
Er... only if you have a modest profit target or trailing stops then.

Unless.... you trade the breakout either side of the channel.

Well, 40 pips is OK for me (but trading the news gives more)... :cheesy:

Kaffee · Dec 6, 2005

Baruch said:
Well, 40 pips is OK for me (but trading the news gives more)... :cheesy:

How did you manage that ? Channel breakout at 425 or so... high after that 450 or so....

dc2000 · Dec 6, 2005

Baruch · Dec 6, 2005

Kaffee said:
How did you manage that ? Channel breakout at 425 or so... high after that 450 or so....

I was a bad boy, because I was trigger-happy and did not wait for the breakout. I bought at 410... :cheesy:

Baruch · Dec 6, 2005

dc2000 said:
Thats me in at 65

I have a 35 pip stop and just looking for 50 pips today

Long or short?

Ripcord · Dec 6, 2005

Its mornings like this that make it worth all the while.

Just closed out at 7334 for 102 pips. Simple trend line break and holding on for a bit. Just waiting for the EUR to catch up now.

Kaffee · Dec 6, 2005

Baruch said:
I was a bad boy, because I was trigger-happy and did not wait for the breakout. I bought at 410... :cheesy:

Tsk tsk !! Mind you I've abandoned my confirmation signals this morning.... and it looks like it could cost me dear !!

Baruch · Dec 6, 2005

Kaffee said:
Let me guess.... poor Manufacturing figures ?

Always trade the news, if the the data is a surprise like today. Just follow the flow - or buy/sell the first retrace. But use a tight stop. Cable is a wonderful "news pair". PS. 1 out of 5 times you lose, but that's part of the game...

Baruch · Dec 6, 2005

Ripcord said:
Its mornings like this that make it worth all the while.

Just closed out at 7334 for 102 pips. Simple trend line break and holding on for a bit. Just waiting for the EUR to catch up now.

Yes, we can trade the news without knowing them. But I like to know what's going on...

Kaffee · Dec 6, 2005

Ripcord said:
Its mornings like this that make it worth all the while.

Just closed out at 7334 for 102 pips. Simple trend line break and holding on for a bit. Just waiting for the EUR to catch up now.

What was your trend line ?

dc2000 · Dec 6, 2005

I was long

Ripcord · Dec 6, 2005

Baruch said:
Yes, we can trade the news without knowing them. But I like to know what's going on...

Just my opinion but in my experience after trading just currency for almost 5 years I do not follow news anymore and just trade price as I believe that news will be reflected in it.

This morning is a good example. 2 trades 1 long for 21 pips and 1 short for 102, i simply do not care what caused it anymore.

Surprisingly this is the first year that I am profitable and it is the most simple and stress free trading I've had, I just wish it hadnt cost me that £40k i lost to learn the lesson.

Ripcord · Dec 6, 2005

Kaffee said:
What was your trend line ?

Trend line was drawn from the two low points at 7.28 am to 8.48 am on the 1 min chart. I entered short at 9.03 at a price of 7436

Kaffee · Dec 6, 2005

Ripcord said:
Trend line was drawn from the two low points at 7.28 am to 8.48 am on the 1 min chart. I entered short at 9.03 at a price of 7436

Thanks... just starting out on a similar road to you... trading MA's currently. Has it good days, but I think I need to shorten the chart view, currently using 15 mins.... and the lag is too much.

Ripcord · Dec 6, 2005

Kaffee said:
Thanks... just starting out on a similar road to you... trading MA's currently. Has it good days, but I think I need to shorten the chart view, currently using 15 mins.... and the lag is too much.

No prob. You have to find your own style and preferred timeframe. 15 mins will always catch the big trends you just have to vary the stop accordingly.

I find that just sticking to the rules of your own system is the hard part. Took me ages to crack the discipine.

Baruch · Dec 6, 2005

Ripcord said:
Just my opinion but in my experience after trading just currency for almost 5 years I do not follow news anymore and just trade price as I believe that news will be reflected in it.

This morning is a good example. 2 trades 1 long for 21 pips and 1 short for 102, i simply do not care what caused it anymore.

Surprisingly this is the first year that I am profitable and it is the most simple and stress free trading I've had, I just wish it hadnt cost me that £40k i lost to learn the lesson.

Yes, trade what you see - that's not a bad method. But I love the news, so I can't ignore them. And they make me hold the positions longer than I can when I only trade technical signals like a broken trendline etc. I suppose most of the big traders and funds - the strong hands - also trade the news, so I think those fundamental signals arre more valid, while the small traders -the weak hands - just trade the charts.

Baruch · Dec 6, 2005

Ripcord said:
No prob. You have to find your own style and preferred timeframe. 15 mins will always catch the big trends you just have to vary the stop accordingly.

I find that just sticking to the rules of your own system is the hard part. Took me ages to crack the discipine.

Ripcord,

1. What's your rules (system)?

2. Do you only use a 15 min chart?

3. Where do you place stops?

Kaffee · Dec 6, 2005

Ripcord said:
No prob. You have to find your own style and preferred timeframe. 15 mins will always catch the big trends you just have to vary the stop accordingly.

I find that just sticking to the rules of your own system is the hard part. Took me ages to crack the discipine.

Are you full time ?

Ripcord · Dec 6, 2005

Baruch said:
Yes, trade what you see - that's not a bad method. But I love the news, so I can't ignore them. And they make me hold the positions longer than I can when I only trade technical signals like a broken trendline etc. I suppose most of the big traders and funds - the strong hands - also trade the news, so I think those fundamental signals arre more valid, while the small traders -the weak hands - just trade the charts.

I agree about trading the news I always trade it, apart from NFP when I take a day off, but I do not take time to anaylyse the numbers, double guess what everyone else is doing whilst the price is already moving. Many traders take forever to look for a rocket science system that has umpteen confirmations before they enter a trade and they still dont do the important thing which is make money, after all I dont do this for my health.

I have done what everyone else has
1. Thought i was a bit smarter than the other guy.
2. Thought trading gurus had the answer.
3. Gambled
4. Hoped for the best

I am just saying that for me and me only that trading the action has turned my trading around. Using unclutered charts and a straight line and strict money management works for me.

For ref 1 use a 1 min chart on cable, 2 min on EUR and if going long then my stop is at previous low then once in profit i use trend line for stop and reverse until i hit my daily profit target when i pack it in for the day.

You just have to get 3 things sorted Entry, Exit and Money Management and stick with it.

Ripcord · Dec 6, 2005

Kaffee said:
Are you full time ?

Yes, 3 months full time now. I'm now happy to say that I'm a 35 year old EX Salesman

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