Hello chaps!
My, is the GBP/USD in for some action tonight!
This is what Merlyn of Power Trading Radio might call a ‘popcorn trade’ scenario…
I already made some good pips selling the GBP/USD today…
Still suffering on the EUR/GBP trade front… Following my own theory about medium-term GBP movements so hanging in there.
…I would like to see ‘POUND DESTRUCTION’ at 7pm (GMT+1 / UK time) today!!!
Where is the popcorn…
Good luck if you are short the Pound x
The question I keep asking myself on the fundamentals is the UK is showing real growth while the US is still not quite sure of its own growth. Why is GBP taking all the heat? My guess all the big money is desperate to trade this pair as opposed to the EUR.
Anyway, Pipme you are now professor in your own right, it was the sensible thing to do, seems like Anna’s teachings are paying off.
Yes, GP some wise words, I don’t do a lot of post postmortems but I always know when I am taking the riskier position. Today’s move tells me a close below 1.6919 will end the long bull run of sterling and I will be there.
We shall see…
Just got in at 1.6902. A little late, I should have been in a little earlier at 1.6910, so I have loaded 30k into this, 1.6846 is the next support. A little concerned with those high volumes and small spreads but could be the last bulls being mopped or we are in for a serious shock.
I agree review it but don’t dwell keep working the plan and it all comes out in the long run. So far I haven’t found anything that fit’s my rules, so I don’t have anything right now. Your logic and trade looks pretty good from where I sit. Good Luck.
Gp
Fifteen minutes to go!!!
I cannot WAIT !!!
This could be the most exciting event of the entire trading month…
Good luck to you, GP00053 and Emeraldorc!
Right back at ya my friend
…I am watching EUR/USD, GBP/USD, and EUR/GBP: they are pretty much frozen, motionless…
What will happen next? Will there be a big move? Have the markets already priced in this month’s taper?
Maybe this is all we get… a big fat zero… a non-event?
Read more: 301 Moved Permanently
FxPro GBPUSD h1 7mJwn | cTrader
Hi all, Sterling continues to fall just closed out my trade I still believe it will go to 1.6846 but after 4 red bars and me needing a win after my last trade’s loss, I should hang my hat up for now and take the money. Weaknesses is showing but with a new low 1.6870 it is clear that the bulls are done but this area is a buying area so at this point I don’t want to risk it.
Good luck though if you are aiming that 1.6846 support.
Yes Pip, one would want to think so… If you are use to seeing the USD you will know it never has straight forward rise, it is so wonky that sometimes you don’t even think it is rising. The FED does everything to ensure the USD is cheap but not too cheap, hence the choppy rise.
Just closed mine Used VSA and Price Action to plan the trade based on a 30 min time frame. Green is where I entered, Gold is where I got out. I may or may not jump back in, haven’t decided yet.
Good Luck if you’re still in.
Gp
Like you GP I didn’t go back in. It was a good ride especially for the early shorts.
The writing was on the wall.
FxPro GBPUSD D1 mjJwn | cTrader
Daily support is at 1.6825, missed the earlier short. If it breaks below there then 1.6731 will be the next target area. The daily bulls are still in control as you can see from the daily chart so the party might be over judging from the massive profit take at that support level. My guess is the big money are out.
Or maybe not…
I stole this article from another one of emeraldorc’s posts. This goes hand in hand with this thread.
[U]“Bank traders only make up 5% of the total number of forex traders with speculators accounting for the other 95%, but more importantly that 5% of bank traders account for 92% of all forex volumes. So if you don’t know how they trade, then you’re simply guessing”[/U]
Making money in forex is easy if you know how the bankers trade! (Thu, Dec 5 2013)
Betting on Sterling taking a dive again. The daily support level of 1.6825 is struggling. I am have made a cautious short entry on the hourly close with resistance and my stops above 1.6846. I will add to my position if things work out but assuming it is a one way trip to the bottom this could even be a position I hold. Can’t do much damage to myself at this point.
The relational markets give a mixed message. Gold is moving lower, Oil is seems to be struggling to get above the $99 mark. All signs that the USD is looking pretty stable. GBP has is showing good data with impressive GDP figures and for the most part blips in other data. It is clear the market wants an interest rake hike. The CPI and Housing will be the key fundamentals to watch.
FxPro GBPUSD h1 WsJwn | cTrader
Look at Golds Correlation to GBP/USD
I was long on GPBUSD at the opening of Sydney Sunday EST Entry was 1.68208 got out at 1.68290.
I have a pending Long on USDCAD today. 30 minute time frame. Green is entry, gold is profit target, Red is stop loss
FxPro GBPUSD h1 B5bwn | cTrader
Sterling moved up 20 pips to stall at 1.6840. IMO you will need significant volume to push it up, the previous bears are in charge besides what looks like profit taking It seems like USD strength will hold. In any case my stop is barely hanging on. I won’t do a Jesse Livermore and add to a loosing position so if it rebounds then I was right if not I am wrong.
This always the choice I could have chosen to fade the down move or sell into it or fade the up move rather than buy into it. It is wiser to buy into the move even if it costs you a few pips every now and again. So I will be skeptical about the up move and I won’t fade it either, if it closes below 1.6813 I will add another 30k to my position. If not I would have lost a 10k position, it’s all about risk management.
London closing in 10 mins so it is another day tomorrow.
I have a Note beside my screen, that says, “Before you add to a losing position, read this.”
One of the hardest lessons I had to learn, was don’t add to a losing position. Take time and think about a losing position. How do we get ourselves in a losing trade? It’s either our analysis that’s wrong, or the market is being manipulated; neither of which are good reasons for adding. It all gets back to make a plan, work the plan.
- Works every time until it doesn’t then anything you gained by adding you lose when it doesn’t work. How many times do you have to lose.
- Some will, some won’t. . .Next
- Your trading is not based on one trade. Think Long term and work the plan
- 95% of losing traders add to a losing position; 5% don’t. (This one is not mine, neil001 posted it on another thread, but it’s getting added to all my notes.)
That was the first lesson I learned. Usually if you swing trade you pick a top and sell, then the trade keeps going up so you say, “I was a little off but this market is going to down” so you sell your next top but it never stops going up, soon you are wiped out or badly wounded. Since I do swing trade a riskier higher loosing streak strategy, you have to remind yourself.
This wasn’t a swing trade so it was a simple volume/momentum trade at this point I could close it or allow my stop to go and simply do nothing or go the opposite direction (this always leads to multiple losses) experience of course dictates I do nothing and look to the next trade. This trade has to reverse a full 30 pips on good volume and break support, unlikely unless sellers come in again. At this point in the trend we can only see profit taking so I am happy to take the small loss on a risky trade.
AUD/USD Forex Technical Analysis – August 4, 2014
Throughout July, U.S. economic data had created hope that the labor market was accelerating, but Friday’s data suggest otherwise. The weak data drove down U.S. Treasury rates which made the dollar a less-desirable investment, helping to underpin the Australian Dollar. #forexmarket
