GBP/USD Trading
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Thread: GBP/USD Trading

  1. #1
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    Default GBP/USD Trading

    I'd like to hear from everybody who is trading this pair. Your experience and tips would be greatly appreciated.

    Last night 11PM EST I was planning to enter on a short trade but wasnt fully convinced because the 1D chart was still showing an uptrend but my 1H chart was showing a downtrend. I would have made money this am. From Nov 16-Nov 30 made 386 pips.
    Last edited by ramrocket; 12-06-2006 at 03:56 PM.

  2. #2
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    Went short on the cable @ 1.9630. The cable made a huge rebound this am and got stopped at +30 pips.

  3. #3
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    Quote Originally Posted by ramrocket View Post
    Went short on the cable @ 1.9630. The cable made a huge rebound this am and got stopped at +30 pips.
    Please post your chart. By the way, this was no typical rebound - that is, it wasn't unexpected to those who scan the economic calandars. At 7:30 this morning three reports came out:

    1. Nonfarm Employment Change
    2. Unemployment Rate
    3. Average Hourly Earnings m/m

    This is what caused you to get stopped out. It was impossible to know this unless you check the calandars first. Some people aim to profit when these reports are released; for beginners and most everyone else, it's best to avoid them until you are ready.
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  4. #4
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    I got slaughtered on NFP today...gave it ten mins after release and sold Cable on the back of improved figures. The rest, as they say, is history.

  5. #5
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    Quote Originally Posted by ramrocket View Post
    I'd like to hear from everybody who is trading this pair. Your experience and tips would be greatly appreciated.

    Last night 11PM EST I was planning to enter on a short trade but wasnt fully convinced because the 1D chart was still showing an uptrend but my 1H chart was showing a downtrend. I would have made money this am. From Nov 16-Nov 30 made 386 pips.

    You can typically hedge the GBP/USD with the USD/CHF pair they "normally" move in opposite directions, there was a very good thread about this on the Oanda forums.

    I dont think I would do long term trades in this manner but working off the 1 hour or less charts it would be a pretty good way to catch both trends especially if you scale in with very small lots when one pair goes south on you. There are several threads that discuss this strategy in detail on Oanda

    Here is a chart that depicts the correlation well

    http://stockcharts.com/charts/perfor...$USD,$XBP,$XSF

    If you follow the chart all the way back to Jan. of 99 you will also notice that none of the three seem to move more than 12-15% from the median as well
    Last edited by labj; 12-09-2006 at 10:28 PM. Reason: Added Chart

  6. #6
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    Quote Originally Posted by professorx View Post
    Please post your chart. By the way, this was no typical rebound - that is, it wasn't unexpected to those who scan the economic calandars. At 7:30 this morning three reports came out:

    1. Nonfarm Employment Change
    2. Unemployment Rate
    3. Average Hourly Earnings m/m

    This is what caused you to get stopped out. It was impossible to know this unless you check the calandars first. Some people aim to profit when these reports are released; for beginners and most everyone else, it's best to avoid them until you are ready.
    I didn't check the calendar that morning. My trade gained +40 pips before the US session. I set my stop loss for a sure gain of 30 pips. I came back a couple of hours to check it - look like the price came down some more and then went back up on the other side.

    Where do you get your economic calendar data?
    Last edited by ramrocket; 12-10-2006 at 07:17 PM.

  7. #7
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    Quote Originally Posted by ramrocket View Post
    I didn't check the calendar that morning. My trade gained +40 pips before the US session. I set my stop loss for a sure gain of 30 pips. I came back a couple of hours to check it - look like the price came down some more and then went back up on the other side.

    Where do you get your economic calendar data?
    Congradulations, it sounds like you executed a winning trade to me.

    Here is an online economic calendar, http://www.forexeconomiccalendar.com/

    there are others... just search on google for 'forex economic calendar'.

  8. #8
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    Standing off the sideline for now. Was late on entering a trade yesterday. Will see how the london session goes tonight.

  9. #9
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    long the cable @1.9562 last night. My trade went well getting started and gained 25 pips after a few hours. I decided to move my stop loss to break even. By 2am my stop loss got hit and all profits went down the drain. I should have left my original stop loss and would have remained in the trade but I know major economic releases are due this am too.
    Last edited by ramrocket; 12-12-2006 at 09:12 AM.

  10. #10
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    Quote Originally Posted by ramrocket View Post
    long the cable @1.9562 last night. My trade went well getting started and gained 25 pips after a few hours. I decided to move my stop loss to break even. By 2am my stop loss got hit and all profits went down the drain. I should have left my original stop loss and would have remained in the trade but I know major economic releases are due this am too.
    If you had left your original stop loss and then been stopped out, you would feel much worse about the situation. Moving your stop loss to break even after 25 pips was a good idea, but next time, sell a portion of your position at that time. Then you have taken some money off the table and still have the opportunity to make more, not less. At that point you are playing with the houses money and that's a great position to be in.

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