you could put a trailing stop at the next lower/higher s&r (depending if it’s a long or short) before going to bed…that way you would secure at least part of a movement that first goes your way and then retraces…just an idea…
Testing 2.1650 yet again. Let’s see if it holds or folds
On these 2 pairs I only use SL to lock in profits. Otherwise you pretty much guarantee a losing trade. You have to give it a lot a breathing space. The important thing is to be ready to place the SL when it breaks into big profit. These pairs tend to reverse quickly and wipe out all the profits.
Thats where the “Balls of Steel” come into play.
I have to admit its tempting to take the opposite side sometimes for 50 or so quick pips, but it just doesn’t feel right
In again.
Position #4 Long GBP/AUD at 2.1600
I didn’t realize this buy order was so close to the previous one.
[B]GbpNzd getting crushed[/B]
Down 400 pips today, cant find any explanation either technical or fundamental. Holding on tight for the bounce back
[B]Bounce back? [/B]
50 pip (and rising) recovery on both GbpAud and GbpNzd. Probably shorters taking their profits before the weekend close
[B]Gbp Aud forecast for the week ahead[/B]
Do you use a trailing “take profit”? And if you do - where do you place it, because it’s really a volatile pair from my experience.
When its a couple of hundred pips up I might put a trailer at 100 pips so I don’t lose it all if it turns.
Then I wait to see how far it drops before buying again
Quiet day, both GbpAud and GbpNzd up around 200 pips.
GbpNzd just under 2.40, interesting to see if it breaks and holds above this time
[QUOTE=“eddieb;725368”]Quiet day, both GbpAud and GbpNzd up around 200 pips. GbpNzd just under 2.40, interesting to see if it breaks and holds above this time[/QUOTE]
It will be very interesting to see how strong of a resistance 2.4000 will be to GBP/NZD. I need it to break through convincingly. I’m way down.
The move on GBP/AUD has brought me back to break even on my positions.
UK Consumer Credit, Mortgage details, and Carneys speech could move things tomorrow
Well, it has broken it in the last ten minutes…, How strong this move will be, it is hard to say…
NZD/USD on the 1h chart for today has shown a move away from 0.64 but on dwindling volume
(I use FXCM Real Volume indicator), so the push down gives limited fuel to a GBP/NZD rise…
Let us see what happens tonight in the Asian session…
I took advantage of the big spike on GBP/AUD during the early Asian market and closed 3 of my 4 positions at 2.1770. I wanted to reduce my exposure.
Position #1: -70 pips
Position #2: +20 pips
Position #3: +120 pips
Total: +70 pips
I’m still holding Position #4. I have SL set at +100 pips. I may move the SL to lock in more profit before I go to bed if price continues going up.
I feel good to get out of this with a profit. At one point I was down 500 pips on my 4 positions.
Trading the GBP/JPY requires a wider stop loss and patience. You can still afford to trade this pair if you keep your position small.
Well, gbp/nzd has done a little dance around 2.40 and just managed to stay above it, but the last waltz will determine which way it will swing: Non-Farm Payrolls?
I haven’t traded this pair recently as it ‘only’ averages 200 pips movement a day recently compared to 300 on gbpaud and 400 on gbpnzd.
Still worth keeping an eye on
My final GBP/AUD position hit my SL overnight.
Position #4: +150 pips
Final score on GBP/AUD trade (4 positions): +220 pips.
Nice result Yohec