I personally would have used my last three posts a little better… Lol
What were the reasons you traded this?
Good article today here on UK outlook:
BBC News - Retail sales rise 0.2% after discounting by department stores
same reason I figure Eur/Gbp may not get past 87.00/87.20 any time soon.
[QUOTE=“peterma;510847”]Good article today here on UK outlook:
BBC News - Retail sales rise 0.2% after discounting by department stores
same reason I figure Eur/Gbp may not get past 87.00/87.20 any time soon.[/QUOTE]
Totally agree with you Peterma… I was actually surprised that it got up to 87.00. Definitely have a short bias on that pair for the foreseeable future.
[QUOTE=“ILovePizzaMore;510890”]
I am looking to short eurgbp if it can get up past .8612[/QUOTE]
I shorted eurgbp… Details below
If it hits .8620 before hitting my TP I will add another 10,000 to position.
I ‘trade’ this cross on a commercial basis - I exchange the actual currencies.
We were waiting for 87.00 all summer - many took advantage of the quick push up on Tue and bought GBP, selling Euro including ourselves.
(For those reading - not Pizza who knows what I mean - we sell when price rises)
Big smile on my face when I saw the drop yesterday.
Maybe some support at 86.00
[QUOTE=“peterma;510925”]
Maybe some support at 86.00[/QUOTE
[QUOTE=“ILovePizzaMore;510928”]
Yeh… That level was rejecting the selling pressure pretty strongly before that push
I’m done for the week…
Start of week balance: $5,
It gives jeebee jeebees, sorry, too risky for my taste.
[QUOTE=“Mr Gone;511297”]It gives jeebee jeebees, sorry, too risky for my taste.[/QUOTE]
We know this… Lol
I’ve already acknowledged in earlier posts on this thread that eventually I WILL take a big loss… Possibly even the 500 pip max. I have in the past, and it’s only a matter of time before it happens again. When that occurs I take a week off… And win it back, usually in less then 2 months. It should be pretty obvious by now that those big losses are pretty dang rare. I can take two max losses in a row right now and still be in profit 
If I wasn’t compounding than I would be able to take even more max consecutive losses in a row while still being in profit.
The Jeebee Jeebees is how you make money 
I posted elsewhere that if you take Pizza’s approach - many will shout about risk/reward etc.etc.
But it’s good to think outside the box - yes the rr is crazy per individual trade if you isolate the trades that is - so on that basis reverse the rr - have a 10pip stop and a tp of 500
Now you have super duper rr - but how many wins would Pizza have had? - how often would the stop have been hit.
Ah - I hear the clamour ’ that stop would be too tight, it will get hit too easily’ - exactly … think about it.
Job well done Pizza - good call on the eur/gbp
BTW nice little article here about use of fundies and ta combined.
Forex Trading News, Breaking Foreign Exchange, FX Headlines ForexLive
[QUOTE=“peterma;511312”]I posted elsewhere that if you take Pizza’s approach - many will shout about risk/reward etc.etc.
But it’s good to think outside the box - yes the rr is crazy per individual trade i
Yep - why this approach struck a note with me was also to do with psychology.
I have often wondered does my own stop represent fear and tp represent greed - I suspect in the deep recesses of my mind this is the case but then I dress it up with ‘prudent rr’ or ‘correct’ analysis.
That’s the ‘trader’ part of me which I’m learning, the business part of me, when I’m anticipating/exchanging eur/gbp has no element of fear or greed - just a goal not to be exposed to negative currency fluctuations.
See what I mean about a thought provoking thread