Yeah, the 1.7000 area is key.
If the price action pushes up past 1.750, then that will be past the high of 2009 and could potentially go a lot higher!
I think people forget that its been up around 2.000 for about a yeah before in 07/08 and could do this again.
Would need to see some serious usd weakness surely to see it go to 2.000? or perhaps a war!
Hi WestFX. I’m a total newbie to Forex right now, and I’m just using a practice account until I fully understand things… Do you have any advice or helpful tips?
My suggestion to anyone that wants to learn to trade forex would be firstly be sure you really, really want it, because its incredibly difficult and takes literally years and years to even become just satisfactory at it, let alone good.
Second would be if you do decide and I mean really decide, then never give up!
And finally all you need to know is already on the internet waiting for you. Absorb all available information, read books, download ebooks, watch price action as often as possible, listen to other people, ignore other people! lol
There is no one answer, method, algorithm, trick, tip etc etc, its just a case of learning what works for you. Something that will work for you may not work for someone else, i see this all the time! Its a very personal practice. It has to do with a lot of things that go all the way back to how you spent your first £10 as a child and all the way up to present day.
Some people love to get really involved and watch price action all day long and trade from the gut, others like to be totally emotionless and trade only the numbers. There is no right or wrong way, only proper risk management and consistent returns.
I think that a lot of ‘newbies’ think that if only they could get to talk to a professional trader then he could tell him his secret formula or system and then bingo, the millions roll in.
I’m afraid It doesn’t work like that. To become an expert requires practice [malcolm gladwells ‘outliers’ book is a good explanation of this, its not a trading book however]
I can tell you how an F1 driver wins races…he brakes late, accelerates early, hits all the apex’s, goes for gaps, has good pit stops etc etc. I know I need to do that, but knowing this doesn’t mean i can do it,… understand? Just like a professional sports man might show you how to kick or hit or throw a ball, but being shown this is not enough.
I’ll happy answer any question you have about my system, its no secret, but i can guarantee that I/it will not be the answer your looking for, it wont make you a great trader… only putting in the thousands and thousands of hours will…maybe.
What would you like to know?
Is your gbp/usd short in the green yet?
Hello there 
No i do not trade, simply follow. But I have taken it one step further and stay tuned to major econ event just in case to manage my account trading better 
Very wise Eddy.
In my opinion the markets move based on technicals [support and resistance etc] 95% of the time and fundamentals [news etc] the other 5% of the time.
However the fundamentals have the power to override the technicals at any time.
Today the markets are still being pulled by the mixture of eur and usd news [not so much the gbp news] from yesterday but price action should revert back to the technicals at some point today.
Nope but hoping for a nice low today to get out on. How’s your trading today?
Well I think its going to fall another 40 pips or so before it begins to push higher.
Trading’s fine thanks.
Got a few positions still being pulled by yesterdays news but they should be ok.
Everyone remember there’s cad un/employment news at 13:30 that could move markets.
Please rate this thread and follow me on Zulutrade if you find my posts useful.
Thanks!
Thanks for the ‘likes’ guys!
Appreciated!
USD news at 3 could have an impact depending how it goes.
Was back in pip school last night learning about sma’s and ema’s amoungst other things. Interesting stuff. Do you use moving averages at all?
Your right, it could move the markets if the numbers are very unexpected, but I think the cad news is the one to watch.
Well done, practice makes perfect!
I do use moving averages, I think the 200 sma [very similair to a 200 cci] can be very helpful on the larger time frames.
your thread is awesome!! I am really enjoying reading it.
Have you also opened one in the zulutrade official forum? I am sure a lot of other traders would like to read your blogging it is also bigger exposure for you as well!
Do you use the 200 on daily charts then? I will have to look up cci :-/
Cheers Eddy, I appreciate that.
I tend to mostly post on babypips as I think its a really good honest education for newbies.
Yeah a 200 on the daily charts, not on anything smaller though.
CCI;
In the green now Saytin?
Nope another hundred pips and I will be:-) not likely though. Got caught out on this one. Bring on 3pm news!