I got hammered. Trading against my own instincts. My own fault.
Good luck Eddie not sure I’m joining you.
Good morning. Been up since 430 am couldnt sleep hopefully because it will be a profitable day. Not sure what Im gonna do with the pair right now, I think ill hang in weeds and wait.
Looking at GBP/USD and NZD/USD, I see no significant movement in favour of the Kiwi, or against the Pound, which suggests that profit-taking on this pair has generated a drop (for lack of long positions); alternatively, if we saw this as a ‘risk sensitive’ pair, then it may be suffering from equities dropping, as a ‘risk aversion cloud’ is beginning to grip markets across asset classes.
However, considering that we saw this pair rise over 4,500 pips almost in a straight line, then the current drop to 2.35, which is only 500 pips from the top (2.40) level is only 1/9th of the entire move, which is less than 10%: before abandoning bullish sentiment for this (and other) Pound pairs, we would need something much bigger than a <10% drop off a six-month high…
Hold on to your horses: this uphill ride is not yet over…
I had a buy order trigger while I was sleeping. I entered position #3 at 2.3549.
I’m now holding 3 positions at an average of 2.3644.
Now the roller coaster needs to head back up.
No guts no glory,
Back on at 2.3509
Still holding a long at 2.3688!.
And their off! (in my best horse race announcer voice)
dont know if u guys across the pond will get it lol
Stop in place just above break even, pressure off
A good filly to fill your pockets:
every trader’s dream.
Stop taken out for a tiny profit. Looking to get back in if we get strong upward push
… which is just above the 50-day (daily chart) moving average…
The 2.34 could be a buying opportunity (or a holding opportunity, if you already bought at 2.35).
Should 2.34 fail, then I will just go very quiet and pop some bubble-wrap to keep me sane…
All out now and I would like to raise my earlier post of “ouch” to “bloody ouch”
I’m off to torture some ants or something.
Two weeks ago the price was 100 pips lower than it is now and then it went up all the way to 2.400. I’m hoping the same thing happens again. Patience.
[QUOTE=“yohec;718110”] Two weeks ago the price was 100 pips lower than it is now and then it went up all the way to 2.400. I’m hoping the same thing happens again. Patience.[/QUOTE]
Thanks yohec I can see the chart. I am as patient as the next man.
my stops were hit, on both pairs I was trading and I was trying to add a little light relief from a fairly dismal day.
But thanks for the advice.
I did not mean anything by my comments. It was meant more as wishful thinking for me and the others still holding on to our longs.
I rarely take a trade without placing a stop loss. This pair, however, makes it difficult to place a SL. Very impressive that it can move 600 pips in a few days and then 600 pips again in the other direction. Need a heavy dose of risk tolerance to hang on.
No problem yohec,
Didn’t think you were being smart but you had quoted me and telling someone to be patient once their positions were stopped out is kind of like telling someone to put fuel in their car after they’ve run out in the middle of nowhere.
Glad you’re holding on and good luck to anyone else that’s still in.
Lesson learned for me today is not to trade other than to my plan. I don’t hold pairs over days unless I’m in a hole and 90% sure of a reversal or correction based purely on the information I’m looking at on the chart. I’ve held six positions over night in the last six months and four of those have been this week on this pair.
I talked myself out of taking a very manageable loss and shorting the pair at 10.30 this morning. The normal version of me would have traded this pair much more rapidly than I did and caught the swings on the 15 and 30min. Instead I sat on my hands and waited for price to come back to profit or break even. Because I was holding out for that I even talked myself into taking another long position at 2.35 which only added to my losses. I missed four solid trading opportunities (based on how I normally trade and the criteria I look for to enter) by doing this.
Whilst I stand by my own mistakes in trading and only blame myself for today’s losses, which were significant, I need to remember that I should only trade what I know and the way I know.
Good luck to all for next week.
Shy.
2.34 is looking under threat. If I had any nerves left I’d short this bad boy.
There it goes!. Might start charging people for signals rather than actually trading, as I don’t tend to follow my own advice!!. others seem to ok this way!! Haha.
Edited at 4.30.
Ignore me I’m just beating myself up!.
Happy trading all.
Considering a buy limit at 2.35
[QUOTE=“eddieb;718136”]Considering a buy limit at 2.35[/QUOTE] Hey Eddie, Are you basing this on the 11aug move at a similar level?. If 2.338 falls could we be looking at a 2.33 support?. Cheers, Shy
Doesn’t concern me. If price drops my buy won’t trigger. If it goes up, a 100+ pip move to 2.35 would make me confident it had bottomed out and was on the way back up.