GBP/USD Trading - Page 6
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Thread: GBP/USD Trading

  1. #51
    Join Date
    Dec 2006
    Location
    Colorado, USA
    Posts
    142

    Default Long entry @1.9616

    Hi guys, the last 2 trades I made the last couple of days were losers -30 pips.

    Each losing trade gives you something to learn. One thing I have learned this past 2 days is that to minimize your risk and enhance your trade success is to place your entry near or at S & R levels.

    When the signal occurs and you can place your entry there then you protect yourself from potentially wide stop losses.

    Trade from late last night during asian session:

    Long entry @1.9616 +46 pips so far. The price went above 120EMA so I am expecting a rally from point of entry.


    Update:
    It's been rough trading hours. I set my SL @ 50% fib level and the price retraced all the way back down 50 and hit my SL.

    Euro is having a hard time breaking R around 1.2970 and have tried multiple times to approach it then gets repealed immediately. Seems like Gbp depends on the Euro to make the break before it can continue.

    +40 pips profit.
    Attached Images Attached Images  
    Last edited by ramrocket; 01-30-2007 at 09:12 AM. Reason: Added chart

  2. #52
    Join Date
    Dec 2006
    Location
    Colorado, USA
    Posts
    142

    Default GBP in Trading Range

    There is not much to do this last couple of days. GBP is in trading range. I would rather stay away from trading this pair when its in range. Maybe today something different will happen.

    Range Filters:
    What do you guys use for filters to know when this pair is in range?

  3. #53
    Join Date
    Dec 2006
    Location
    Norristown, PA
    Posts
    450
    I use ADX. I check to make sure it is below 20 & preferable falling.


    Quote Originally Posted by ramrocket View Post
    There is not much to do this last couple of days. GBP is in trading range. I would rather stay away from trading this pair when its in range. Maybe today something different will happen.

    Range Filters:
    What do you guys use for filters to know when this pair is in range?

  4. #54
    Join Date
    Dec 2006
    Location
    Colorado, USA
    Posts
    142
    Quote Originally Posted by topgun_68 View Post
    I use ADX. I check to make sure it is below 20 & preferable falling.
    Thanks topgun. I remembered you mention that in another thread. I was experimenting ADX today and I think I will use 10 instead of 14.

  5. #55
    Join Date
    Dec 2006
    Location
    Norristown, PA
    Posts
    450
    I might join you by using 10 instead of 20. I have seen nice trends form with it at 20 so I don't think I trust that setting. When it is real low like below 10 it's great watching the pairs bounch between two support & resistance lines all day . You can sometimes time it perfectly by having your TP get hit and then your limit order to go the other direction. Let me know how you make out using 10.

    Topgun


    Quote Originally Posted by ramrocket View Post
    Thanks topgun. I remembered you mention that in another thread. I was experimenting ADX today and I think I will use 10 instead of 14.

  6. #56
    Join Date
    Dec 2006
    Location
    Colorado, USA
    Posts
    142

    Default Open long entry @ 1.9676

    Open long entry @ 1.9676
    SL = 1.9643
    +58 pips so far.

  7. #57
    Join Date
    Dec 2006
    Location
    Colorado, USA
    Posts
    142

    Default I need your Advice


  8. #58
    Join Date
    Feb 2007
    Posts
    2
    Short cable to 9635 and then long from 9635 now!

    Not my call, I got it from FXS Community - Home

  9. #59
    Join Date
    Dec 2006
    Location
    Colorado, USA
    Posts
    142

    Default 4 Trades

    This is my first time seeing GBP/USD & EUR/USD trending the opposite direction so my GBP trade got stopped out. I entered 4 trades last night during asian session. 3 are currently active.

    long gbp/usd @ 1.9486 sl = 1.9471 (stopped out - 15 pips)
    long eur/usd @ 1.2961 sl = 1.2946 (+38 pips)
    short usd/jpy @ 121.60 sl = 121.75 (+23 pips)
    short usd/chf @ 1.2527 sl = 1.2542 (+37 pips)

    Update:
    I'm closing all my positions. Time to go to work this am.
    eur/usd +41 ips
    usd/jpy +26 pips
    usd/chf +42 pips

    I'm happy with 109 pips profit.
    Last edited by ramrocket; 02-13-2007 at 07:55 AM.

  10. #60
    Join Date
    Dec 2006
    Location
    Colorado, USA
    Posts
    142

    Default Time to remove indicators

    Hi guys,

    What God giveth, he taketh.

    Well, you found the perfect indicators to use and you have them all over your charts. You charts becomes highly decorated with these indicators like a military uniform patched with congressional medals of honor and in time make your charts becomes messy and confusing at times. Eventually you will have to take them down. Well - its time for me to take them down.

    Stocks came off first, then rsi, macd, then adx, and so on.

    Now all I have on my charts are the 2 MAs that gives me a reference point. I am now mainly trading based on price, candle sticks, suppor & resistance, trend lines, and fib retracement & extension levels.

    I guess this is what they call in the business "Trading Naked".

    Happy trading everybody.

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