GBP/USD Trading

Hi Elang,

A visible gap occured @ .9684, rsi > 50, stocs heading up & not ob/os zone, cci > 0, momentum ok. every indicator was within reasonable expected parameters. as soon as the price got over the next resistance @ .9696 I added to my position.

I was following the trades for awhile then the price came back down after hitting major resistance @ .9730. After it dropped big time I closed both positions. Itā€™s a big battle bw bulls & bears right now.

wow ā€“ what a comeback. +2 pips

Interesting approach.

I noticed the gap myself, but iā€™d never traded on windows before so i prefered to wait it out untill after it broke the falling trend line.

The price reached .9733 and came back down to test the trend line from what i can see, so its either up or down now.

Regards and thanks once again.
E. Lang


The signal and setup is confusing now so Iā€™m staying on the sideline and let the smoke clear out. There will be another day.

Good Trading Ramrocket. What setting are you using for RSI,macd,stoch. Thank you for sharing your insights. I have learned alot from you and Elang.

Paul

Hi Pwegner, glad to help.

RSI=10
MACD=5,10,10
Stocs=10,3,3

Happy trading! :slight_smile:

Thanks for your help Ramrocket. Have a good week trading.

Paul

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:
Itā€™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. :mad:

Euro is having a hard time breaking R around 1.2970 and have tried multiple times to approach it then gets repealed immediately.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.


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?

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.

I might join you by using 10 instead of 20. I have seen nice trends form with it at 20 so I donā€™t think I trust that setting. When it is real low like below 10 itā€™s great watching the pairs bounch between two support & resistance lines all day :slight_smile: . 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

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

Hi guys, I need your advice.

http://www.babypips.com/forums/forextown/694-trading-full-time-leave-my-j-o-b.html

Short cable to 9635 and then long from 9635 :smiley: now!

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

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) :mad:
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:
Iā€™m closing all my positions. Time to go to work this am.
eur/usd +41 ips
usd/jpy +26 pips
usd/chf +42 pips

Iā€™m happy with 109 pips profit. :slight_smile:

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 ā€œTrading Nakedā€.

Happy trading everybody. :slight_smile:

Good Luck with your new strategy. I hope your not quitting your job yet until you verify your new system works :slight_smile: . I read many threads on trading that way and I like it. I just like using the indicators as confirmations.

Topgun

thanks topgun. No I have not quit my job yet but soon I will take a week or two and pretend trading full time. 3 winners, 1 losser out of 4 so far. My 5th trade I entered long on usd/cad this am on the naked system. It was +6 pips when I left home. Well see what happens today.

Iā€™m so frustrated this morning.

I left my platform running all night long just like any other nights. I have an open trade that was doing well. I shutdown my monitors before I go to bed but leave the computer runnning. I woke up this am at 5am cst to check my trade. My charts looks good then --all of a sudden my trading platform shutdown and restarted itself and when it finally came back and reloaded the charts --All charts were HOURS IN THE FUTURE regarding price display! I was $ooo mad. I missed not only the signal to close a winning trade but also missed out short opportunities on gbp & eur.

Any VT Traders out there who have encountered this problem? What did you guys do to make sure this does not happen again? This means losing money because the software failed to update the charts.

In my opinion, any critical financial software should be ā€œdesigned for failureā€. If internet connection is interrupted for instance, the software should shutdown and automatically restart itself and still give the user up to date real time charts price display.

I talked to support and told them this cannot happen again or elseā€¦

:mad:

That sux. It happened to me a few times on Oanda where the price stop updating :mad: . I was not in any trades at the time but it does make me nervous which is why I am in the habit of trailing my stops which sometimes get taken out and I miss the big move.

Topgun