Best Thread Live Cable Trading

trendie said:
to those guys who have daily targets:

if you dont achieve your daily target, do you increase bet-size for next day ?
cos if you target 30 pips a day, and you profit 4 days, and lose 1 day, thats 120 - 30 = 90 pips per week.
overall average of 18 pips a day.

or do you decide how many pips you want, and factor in your win/loss before deciding the daily target.
eg; you want about 20 pips per day. but you know you may lose 1 out of 4 or 5 trades, and so target 30 or 35 pips, so it all balances out.
Click to expand...

I attempt to compound my account by growing equity, my actual daily target is 25 pips, however it's a four pip spread so I just round it up to 30. My goal is to return 10% per week on my account or 125 pips.

Adding to a winning position ensures the losing trades are accounted for, I also use daily targets as discipline.

Hope this helps

CG
 
Second trade of the day SHORT 7611 10 lots Stop 631 Target 1 7571 If I get stopped out then Im gonna clear off for the day (Im alread -20 from my am trade)
 
dc2000 said:
Hi Chaps
nice game today
Im looking at some short term strats on cable but only have data for the past 6 months if anyone would be so kind as to post some charts with the 7am to 1 pm time frame from early last year or 2004 a few random days is all Im after
Click to expand...

http://www.forex-experts.com/index.php

If you use metatrader. There data is freely available and dates back to 1998, both 15m and 1h timeframes for cable, I've never used it so can't comment on the quality.

CG
 
zuke said:
Second trade of the day SHORT 7611 10 lots Stop 631 Target 1 7571 If I get stopped out then Im gonna clear off for the day (Im alread -20 from my am trade)
Click to expand...

closed this trade @98 for 13 pips. -7 for the day..ho hum..there's always 2 morrow I guess.
 
Whats the theory?

Zuke, superspurs

I'm interested as to why you guys opted for short trades on cable this afternoon.
Since the US market opened the dollar has been sold accross the board on all majors. I myself have been long EUR (2090) all afternoon and still open. I didnt trade Cable as it didnt meet my criteria.

It just seems a high risk trade to go against the flow just for a few pips. I'd be interested in your comments.

I'm not saying its right or wrong, I have my own trading style after all, however always interested in others opinions.
 
zuke said:
You're a Spurs fan, but I gotta fade you mate!! LONG 613 stop 593 target 633
Click to expand...

Closed 3 quarters of my size for 20 pips. leaving 3 lots to run to 648 or b/e.
 
scary. my "system" says its a downtrend, and to look for short-entries.
but with the recent surge up, am not happy about taking the short and getting skewered through the top of my head.
 
zuke said:
Closed 3 quarters of my size for 20 pips. leaving 3 lots to run to 648 or b/e.
Click to expand...

Scaled out 2 lots at 648 for 35 pips. Remaing 1 lot will run until 7700 or b/e.
 
trendie said:
scary. my "system" says its a downtrend, and to look for short-entries.
but with the recent surge up, am not happy about taking the short and getting skewered through the top of my head.
Click to expand...


I wouldn't disagree trendie however most posters on this thread are day traders who only hold for a few hours at most and nearly always for less than 100 pips.

Cable has been on a downer for a day or two since NFP figures but with USD being in a sell off against everything this afternoon it just seems a risky prospect going against the flow unless of course you only look at the cable chart and dont check EUR and CHF as well.
 
Last edited:
trendie said:
Limit Order. Go Short if 1.7635 hit.
Click to expand...

Agree with Ripcord trendie. Depends on your time frame. Im only looking to get 25-30 pips per day, I often dont hold the trade for long. My "system" tell me on the 4H that its a down trend, but my Hourly and 30 min gave me the signal to long at 613.
 
zuke said:
Agree with Ripcord trendie. Depends on your time frame. Im only looking to get 25-30 pips per day, I often dont hold the trade for long. My "system" tell me on the 4H that its a down trend, but my Hourly and 30 min gave me the signal to long at 613.
Click to expand...

thats my frustration. I think long-term, but then I let the slightest wiggle faze me into thinking my analysis was wrong.
I think longer-term cos I tend to work as well.
Since I am off for another 4 weeks, I am going to have to think shorter-term, and find something to take my mind off things. :rolleyes:

( I use 1 hr to tell me the overall trend, and use 15-mins to find rallies to sell or dips to buy into the 1-hr trend )
 
For my trading (4 years on FX by the way), because I only trade intraday I just look for the session trend.

I have found it profitable to let the initial clutter and orders get cleared by 7.20-7.30AM on the European session session and then look for a breakout accross resistance and adjust my stake size according to volitility, it doesnt then just become a matter of pips but overall management.

I repeat the process after 13.30 - 14.00 (allows for any economic news impact).

Also confirm against the other majors, is at a dollar genterated move like this afternoon or just cable playing its own game, a dollar move will mean bigger pips.

As for exits I take into account pivot points, again this afternoon was a good example my exit on EUR was at R2 resistance.

Finally dont overtrade!!

PS. Just for reference I made money last year after losing for three years straight and its the least complicated way I have ever traded.
 
on the daily charts ive got a trendline from oct +dec highs just thougt id get in on a pullback towards it.cant win em all.good hunting zuke
 
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