open short @ 1.9516 +132 pips so far. Cable broke support @ 1.9432. My bias is still going down.
I decided to lock in guaranteed profits of 86 pips and now just wait what happens after the news release.
I will post my chart here later.
Here is my chart. Came home today from work and checked this trade. It went from 132 PIPS to 214 PIPS.
(sorry locked in arrow is the price b4 US session. Locked in pips at stop loss arrow)
Be careful now though. Look at all your oscillators, they all show bullish divergence.
Price has made lower lows, while the oscillators are slowly rising creating higher lows.
Good early warning signal of trend exhaustion.
My hunch is that the price will consilidate around .9298 area and will still drop towards next support level around .9176. All 4 EMAs looks groovy and healthy, rsi ok, stocs still ok and adx indicating strong trend. Will see if my next move is correct sunday.
I am repositioning my stop 40 pips away @ .9398 and locking in profits of 178 pips. I’m riding this baby all the way.
I closed this trade this am with a profit of 202 pips. Will wait for re-entry.
Nice job. Keep up the good work analysing this pair.
Great trade ram! Feels good doesn’t it?
Just remember to stay focused now. The past is the past, and you must keep looking forward.
Thanks Topgun & BigPippin. It sure feels good to win a trade.
Your skill allowed you to make that successful trade :). I don’t like the word [B]"[U]win[/U]"[/B] because it sounds too much like gambling which we do not do in FX.
Good trading Ram,
I like your style.
Very clean, very disciplined and with obvious results, do update more!
Great short opportunity on both gbp/usd and eur/usd:
short on gbp/usd @ 1.9387 with +28 pips so far
short on eur/usd @ 1.2996 with +34 pips so far
I am counting on the eur/usd pair to break support @ .2972
same thing with gbp/usd to break .9345
eur/usd is showing stronger trend strength. gbp will follow.
these look like great trades so far. will see.
Wasn’t long enough to be on this trade. gbp wasn’t able to break support @ .9345 while eur did but went back up. As soon as Emas confirmed reversal supported by psar, I closed these trades with 15 pips gain. 1h now showing gbp in trading range. waiting for the next opportunity. I will maintain short bias on these pairs.
We have UK Trade Balance coming out. We have the total trade balance, the visible trade balance, and the non-EU trade balance. The most important number will be the visible trade balance. The expectations are mostly that the visible trade balance will come out somewhere between -6,400 million and -6,500 million. If the number comes out at -7,000 million or more negative, it would be bad for the pound, so the GBP/USD may possibly decrease by around 50 pips or so. If the trade balance comes out at -6,000 million or less negative, it would be good for the pound, and the GBP/USD may possibly increase by around 50 pips or so. If you are feeling a little bit riskier, then you can possibly go short on GBP/USD if the number comes out at -6,800 or more negative, or go long on GBP/USD if the number comes out at -6,200 or less negative. In such scenario, I would expect GBP/USD to still move by at least 30 pips or so.
there are a couple of good trade videos of the GBP to watch at forexdiamonds.com website for all you newbies.
[QUOTE=forexcranium;2224]In such scenario, I would expect GBP/USD to still move by at least 30 pips or so.QUOTE]
What methodology do you guys use to estimate the remaining shelf life in pips of the current intermediate trend?
I entered short on gbp/usd last night around 11pm est. 4H is still in the long direction, 1H showed a short opportunity so I took it. All 1H indicators RSI, MACD, Stocs, EMAs cross showing all systems go and I entered my short trade. Within a couple of hours, the trade got stopped out as the direction of the trade went the other way and lost 20 pips :mad: .
What should I learn from this trade?
Always trade with the trend (4H). The trend is your friend. Obiously I wasn’t its friend in this trade.
If 4H & 1H does not agree, do not enter the trade?
Please comment on 4H & 1H when they don’t agree. What do you guys do? I need education on this so I don’t make thesame mistake.
The same thing happens to me a lot. On a side note if you did wait for the 4hr confirmation then you could’ve missed out on the big move, if it happened. It’s almost like a risk/reward situation. If you wait for the two confirmations then you would have more success but a potentially smaller move. On the other hand if you jump in early you can be stopped out or catch the big move. I could use advice on this also .
20 pips is an awfully tight stop to run with GBP/USD. The pair does tend to buck around a fair deal.
Yes, it has worked in my past trades. I’ve been thinking about this quite alot risk ratio. I’m finally considering 5 mini lots (half std lot) to lower my risk and still be able to use larger time frame. Since I am trading on the 4H chart, I’m planning to recalc my sl at 40-50 pips.
What’s you effective sl on this pair?
Hey ramrocket I
m still a learner though have enough painful experience with GBP/USD to know that it eats 20 pip stops for breakfast. For now Ive moved away into EUR/USD + USD/CHF where the moves are less dramatic and it’s possible to ride out the market wobbles.
When I cut my teeth and have sufficient capital to trade properly I’ll probably look more to 50-60 pip s/l on GBP/USD.
I like trading this pair because of its potential big move everyday ATR 100-200 pips. I want to confortably trade this pair and perhaps down the road become a master trader on gbp/usd. My goal is to trade full time and this pair will be my main focus which I believe will give me enough pips per day.
You don’t need to have a huge capital to trade this pair. You can use mini lots to minimize your risk and withstand the wide spread blow if the trade ends up against you. For example in my case where I trade on 4H. If my SL is 40 pips on 5 mini lots (half std lot) thats only $200 potential loss against a potential profit of +200 pips or $1000 gain.
I have 3 monitors on my trading station and used to watch and trade 8 or so major chart currencies and got confused. I found that this is the pair that gave me more success so I shutdown all other charts on my screen and just trade this pair. Ocassionally I will trade others like eur/usd, usd/chf, gbp/jpy.
But this is the currency for me and working to be master gbp/usd trader.
We are all learning everyday through self education.
“Formal eduation will make you a living. Self education will make you a fortune.” -Jim Rohn
To all your fortune…
I was following gbp/usd last night and it was just right below resistance level @ .9785. This is a major resistance and the price has tested the line several times and then back down. It finally broke and in the upswing again. The next resistance level is around .9849 on 4H. It has tested this level a couple of times in the past. I am a little wary there but will maintain course.
Entered long @ 1.9791 +33 pips so far.
We have a new active wave in the making. see attachment #2
yep I’m trendy and happy
Do you guys like rocky road? This is a major move and GBP is definitely on the rise. The road to 2.0 is going to be rocky. I heard that GBP has not entered this high territory since 1992 so look out.
Before I left this am for work I check my computer one more time and decided to move up my SL @ 1.9864 when I saw we are approaching another major resistance on the 1D chart. Lock in profits for now +73 pips.
Major Resistance Areas: