But, if cable opens 2 cents down on Monday you would be sitting on an additional $20k loss. Your small trade says you got it wrong therefore the sensible thing would be to cut your losses or wait until the market turned.

OK I accept that most of us have been here before i.e. averaging down when the market is moving against you. Sometimes it works but other times all you have done is increased your risk and increased your losses. Basically it's not a real strategy. It's a gamble in my book.

As I do not have access to my trading platform at work I tend to trade long term and as such look for 100+ pips. So I am slowly disciplining myself to let the trend be my friend. If you read back you will see I was short at an average 2.0350 (I think that's the right number) all the way up to the high of 2.1150. Luckily just as I was expecting a margin call the market turned. Another couple of cents and I would have packed this up for good.

As I just spreadbet I can open a position for as little as £1 a pip (£10k exposure). I try to limit myself to a maximum position of £20.

dear davetheeagle..

thanks about your explaine..i guess u are the great trader..with ur dicipline and carry trade.

That why i learn from specielist trader Mr Dar Wong from malaysia ,how make profit the shorterm without follow the trend and make profit long term with the trend..he said simple..1. u must be had big capital 2. diciplining 3. do shcedule for daily trade (10 times perday) 4.set ur target profit.5. most important u must be expert the candle and how it work the next candle for open position .
so when i practice what he teach me 80% is excellent. he also teach me got minimun profit but trade more times perday ex. 5 pips X 5/10 lot X 10 times perday X 20days (this for shortterm profit)

here is my take on GBP/Usd....

apologies for the large chart....

this set up requires patience.... perhaps a couple or three days more to develop.

Attached Images

 

Hi lovelyforex,

Sorry for interrupting the discussion of you two.

I am also very much interested in candlestick trading. Nowadays I am trying to study more about the price movements according to the candlestick patterns. I've got addresses like candlecharts.com, candlestickshop.com, investopedia.com etc. in this regard. Do you know any other useful links about this subject?

What do you say about last Friday's candle? I feel from my limited knowledge it is bullish (daily chart). In which catogory it (last day's candle) comes -Thrusting Line, Harami or Inverted Hammer?

Please share your ideas about this.

Thank you

Hi nayantara..

Thanks for trust my strategy in trading ..better we know how make profit with the candle pattern's for 5-50 pips..
If u want above 20-100 pips better u see H1 chart candle.Below 20 pips better see M15 or M5 chart.That why therefore i mean up afterdown and down after up,(Reverse price).

Ok if u see in H1 candle for friday close,there is "Long legged Doji" so the next candle have 2 possiblity.maybe down or maybe up.But for me if u target 5-10 pips u can sell or buy..u will be done for the profit.

Ok try ur the best...good luck

dave the eagle your way of trading is similar to mine but i think you have more patience than me,i have developed my style and am doing ok but my patience is terrible and im always grabbing quick profits even when i know better switch off pc for a week and let it ride.

When i started doing this full time i didnt have a clue and in the early days it was like casino, i remember the 1st week i opened my spreadbetting account i was locked in my bedroom in height of summer for 3days and i didnt even know the outside world existed,of course i emerged in a daze after losing money.It iwas only about 6months ago where i really analysed my mistakes and really got into charts.No matter what people say about technical analysis there must be alot of people using it as i see daily amazingly it working and i think gbp is good one for that approach.Im like you dave wanting to go for 100plus pips on low margin and i never use stoplosses, if something changes fundamentally i just cut my losses but for me stoplosses only stop me out and lose me more money,my margin is low so i can let it ride.
Actually the occasion that really made me examine technical side and what i was doing wrong was the occasion where i sold pound at 1.9900 with the mentality oh its 2.00 to the pound must be a bargain,it went to 2.0650 i bailed out at 2.0400 to see soon gbp collapse to 1.9650.After i analysed charts on every time frame my entry price was very poor and those losses were very helpful although stung at the time.Now i dont lose much money but currently my patience is stopping me making really big Amounts,all i can do is keep going,improve and learn.

i really respected with u and dave the eagle..u are so patience and dicipline.I'm pray for u all always succes in ur trade..

I'm also do not used stop loss,,bcoz i only target shorterm profit with "hit and run" strategy.But i do shcedule for trade perday..this is more helpfully for my trading guide.Stop and close the computer after got my target.however technical and fundamental is important and i respected all trader pro in techinal analysist and fundamental analysist for target profit above 100++

Not quite sure about patience pearsonian, more like blind stubborness or stupidity. Must admit I was with you when the £ went through 2.00 back in July. After getting it right on the way up I went short shortly after 2.00 to wipe out all my gains and more.

I think I prefer the lovelyforex maxim of setting a target, hopefully hitting it and switching the PC off. A bit less stressful although presumably you have to watch that screen a bit more closely to spot the trade.

Let's hope we all win a few pips this week whatever our position.

ok dave..

i think today GBPUSD will up arround 100++. maybe arround 16.00 pm (singapore time) so can open buy and getting 20-30 pips.for the shorterm profit.

hi can any one say how high they think gbpusd will go today?
the outlook from feb 7/8 was bullish according to dailyfx analysts.

hi every one

presserlooks downward min 1.9350 support, looking for buy with min positive divergen (again break 1.9417 and stay above as lovelyforex says 100pips upward)
break through support350 than waite for 200/180 (need conformation for buy with technicals)

hey lovelyforex guess u rite,,, this time, although u were an hour off, but hey not bad....any recommendations, please feel to enlighten us with...
rgds/mani

Now i leadibg 62 pips X 3 lot..i feel still rallies for rectracement and recover my position before but don forget closed the position after u all got the target..tommorrow i'll give new signal if u wants.

any body gone a shot gbp here 1.9515( with idea of gbp remain in range)