Chancellor George Osborne will be announcing the UK budget to Parliament in less than forty minutes (12.30GMT), so
anything is possible, although this morning jobless data did little for the British Pound.
Out of interest, I caught a 33-pip LONG move on said data on the GBP/USD pair before it slightly reversed and stagnated; all eyes will be on Yellen’s speech and the FOMC rate decision this evening.
Good luck to you all with catching those pips!
Happy trading.
1.66 was definitely a sticky point.
Was looking for shorts all week - took another one just under 6650, targeting 6550.
Captured a little less than 15% of the move. Technical support off to the left coupled w/ positive GBP releases didn’t sit right with me.
There was some stalling and a retest of 6650 - Which I didn’t take the short again (I didn’t like how impulsive the approach got toward the end of the move).
Then the 140pt sell-off ensued.
Still looking for shorts here, the GBP has a lot of room to slip.
If sellers can take out 1.65 - true demand doesn’t come in until 6250 zone.
Here are updated charts from my original post so you can see the progression:
D1
H4
You could well be right FOREXunlimited in the longer term. But in the shorter term my monies on GU once again heading north. Played it both ways in the last up/down and now my first long has triggered (first of four pending orders represented by the lower green dotted lines). We shall see. :33:
Active trading versus passive trading …
Most traders are passive traders , seeing a S / D zone and puts an entry depending on the indicators,fib or something else …
There is then the job of a activ trader start , being able to maneuver in and out of a trade .
*It is much more demanding and need a lot more experience and tons of sweat and disappointments before you will master it …
But according to SMBU ceo is a characteristic that often distinguishes a consistent trader from a losing trader.
The advantage of activ trading is that one often gets a better price than a passive traders , the losses are less than since is more maneuverable in and out of a position …
*
ForexUnlimited an explanation for yesterday’s call …
1 I had two short positions based on line 2
0 call 1 , go short I guess the market will go one more leg down.
2.Call 2. scalp go long , two entries…
3 call 3. go short, take profit 1 by the nearest R minor signs of bull
4 call 4 .Adding my losing short position by line 3 based on spike candel up to line 3 …
I could gone out into the breakeven but PB down to minor -S . line behave like a spike .
green candel after confirming for me that the bull would continue , I would have gone out with my short 3. t2 at the line 3 because the price would supposedly go up to LINE 2
5 call 5 . go short … 1 short at line 2 , was impatient should expect that the price would reach up to 166 …
****no signs of bearish before the spike down to Line 3, which was the target , since I expected the price would move in the range between mine supply and demand zones.
bay euruds scalp brave one
[QUOTE=“torulf39;613780”] bay euruds scalp brave one[/QUOTE]
I’m sorry, what do you mean by this?
Adding to a losing position is a very dangerous tactic.
What is it you do not understand …?
I said time to buy scalp eur / usd ,time 10:56 … see chart …
Adding to a losing position is reserved for the pros not amateurs …
Buy eurusd scalp breakout from range sl 4 pips
That is some expensive Koolaid you’re drinking.
Let’s see what happens … we have that sought after ‘confluence’:-
Sloping trend line, Daily, 3 hits:
Also 62 fib Daily:
And of course on the hourly , my favourite, the weekly pivot s2 (all 3 lines are pivots wkly, yellow is pp):
Oh, and btw, here is last weeks pivots,
Nice charts. Interestingly, we also have a Fractal low print on the 2, 4 and 6h. So a move to the upside pending. :33:
Yeah, I think we are in that classical situation, the techs are saying - ‘go on pick the bottom’.
I won’t do it, in the absence of news I like momentum, however I will not sell either, not through that weekly pivot support line.
Daily pivot is sitting @ 1.6514 and the current zone of PA is 1.6475 - 1.6514. So a possible breakout trade above 1.6514 in the offing. I’m already in long @ 1.6478, so a buffer already built in.
It seems to me , also, that we are in a historical range, pre-2004,
between 1.39(xx) and 1.69(xx), as shown in the attached chart:
Of course, this may not help shorter-term trading targets, although
if this is anything to go by, we could say that, being at the top of the
range, we could expect the pair to bounce back to the downside, having
tested that resistance line a third time… (although it could test it again)…
Fundamentals are very much going to be a … fundamental element (excuse
the pun) in determining direction for this trend: USD rate hike expectations
versus GBP rate hike expectations…
Just a thought!
Cheers.
That pesky red line again, that’s why I don’t trade through them, trading to them is ok:-
Tang
You should now consider coolaid yourself , maybe there will be a trader by you too …
Now I have never claimed that my way is the only right … My critical thinking has made me have avoided many pitfall in trading.
My trading style is a mix of Lance Beggs - Don Miller - Al Brooks - Steve Patterson
[B]
Don Miller currently has a project , from 3 million to 10 million , all the people I have taken inspiration and lessons from , living by trading …
The reason I did a [/B]live call in forexunlimited thread is to show
The significance of trend lines and candlestick …
Example my last call one breakout , target one would be the closest minor - line and price going there …
Unfortunately it became a breakout failure but if maneuver properly manage one to take profit.
This type of trading requires good conditions from normal broker spread from my broker is around 0.5 pip spread in EUR / USD it goes without saying with a broker that fxcm has much less to go on the spread which spread around 2.6 …
The cost is too great
bay scalp eur usd sl 7 pips
first pb set Sl to breakeven ,free ride
H1 Chart from 3/17/2014 post:
Updated H1 Chart @ 3/24/2014 09:00 EST:
UPDATED D1 @ 3/24/2014 09:00 EST:
UPDATED H4 @ 3/24/2014 09:00 EST:
Look to get short around 1.66 - 1.655 w/ a second retest of that H4 bearish breakout structure floor. Stops can be logical just above 6670. Downside targets would be 6475 initially. Our sentiment remains bearish overall - The GBP remains expensive.
