Isn’t that in the range of 30-40 pips?
I think today was always going to be low volatility until the news came out.
hmmm… Last night looked like a winner to me. Although I didn’t trade it.
so what’s that spike up that just happened 2am gmt ?
I don’t know, but it’s dollar-driven, not pound-driven. The dollar got hit across the board at 10pm EDT.
I can’t find any specific dollar news on the various news feeds I watch. There is plenty of good economic news out of Asia
(China, Hong Kong, Korea, etc), but no specific tie-in to the dollar.
Maybe pent-up hatred of the dollar finally just busted out.
well, I made 6 pips on it anyway 
should that be part of the overnight range or is that just a fluke?
Sorry, Mike
I just had a computer crash. So, I’ve lost some of what I was working on. I’ll try to get back to you.
1.6684 lower boundary
1.6708 upper boundary
what do you think?
I get a lower boundry of 1.6643. How did you get 1.6684?
I isolated the last bit of horrizontal movement as you can see by the two horizontal orange boundary lines here. price broke up from there enough to make some pips but I’m a little concerned because there is often a dip in prices around 8am GMT so will it drop back down now?
Some words of wisdom as we struggle:(
Simplest advice on trading, hardest to accept: �The simple fact is we
individuals will rarely, if ever, be able to compete in trading when the primary
question is why [prices move]. However, if we change the essential question
to what (a price has done in the past and is doing now), then we can
compete. �Why� is concerned with knowledge; �what� is concerned with
observation. � Therefore, the correct approach for the individual trader is to
trade on what you see, not on what you think.
Me be thinking to much i guess?
hmmm… that’s my problem, Thinking that what I see is what I think I see rather than what I see, I think I see but I don’t see what I think… see?
how about a concrete example with pictures and diagrams? entry and exit points?
Iam in the same boat your in Talon, so pictures and diagrams wont help.We need to find another ore so we can steer the boat.;)Iam looking at a method with haiken ashi looks promising i will let you know.
kaalilaatikko
initial SL = 32 pips = approx. 1.5x ATR 14 on 15 min time frame when I placed my order
TP = 1.5 x SL = 48 pips
After P/L showed more than 1.3x ATR 14 on 15 min time frame I moved SL to break even.
So in fact I used rules taken from one of my trading systems for placing SL and P/L.
ATR 14 is default setting. I didn’t think about ATR 10.
Those trades were short term trades. If the trades wouldn’t have moved in my direction I would have bailed out @9am GMT at the latest.
Because best time frame for those trades is 7am - 9am GMT according to one post in this thread.
No use having trades open any longer because Time of the Day plays a big factor in trading FX. IMHO
TALOND
Great post! That left field hunour again. :D:D
In my humble opinion, trade the chart (price action). Stay out of high impact news and don’t second guess. Use a trailing stop or move your stop manually in line with your trade. Look to the next significant S/R for a retrace of your position and either set a TP at this point or let your trailing/ manually adjusted stop get taken out or a combination of the two. 
Cas, thanks for that information. Your TP and SL principles differ from mine so that I cannot give any further comment. What I noticed, though, is that if you are targetting at getting roughly the same amount of pips as was the overnight range (as I’m doing), having the entry that far may not be the best choice.
I also looked at the figures of ATR(10) and ATR(14). They did not differ that much that I would see any bigger importance between which one to use.
The week was lousy for me. 2 profits, 2 losses. The second profit was on Friday, when I exited the trade manually at 8 pips after having been late from placing the trade and seeing that the risk had grown too big compared to the profit. It turned out that that was a good decision, but after finding out that I was late, I should have stayed out in the first place. The two losses ate the profits from the previous week + some more, as I had increased my position size a bit (for some reason this is how it always seems to go!) Pipwise, it is +18 pips total for 2 weeks.
Let’s see how the coming week will look like.
GBP/USD overview, in preparation for a new week:
Here is an updated view of the channel that has formed beginning September 2. This is a 1-hour chart.
Here is a close-up of the right-hand portion of the channel. Point #5 was on September 10. This is a 15-minute chart.
Here is the calendar of high-impact and medium-impact GBP and USD economic news releases scheduled for the coming week.
More later.
Clint
Hey Clint,
Looking at your point 7 on your 1 hour chart. That point is farily close to the 61.8% Fib retracement and also resistance point of 1.6588. I did not think we would get there this fast.
You’re right about the fib.
(Regarding 1.6588, I think you mean “support”.)
In a day or two, a long position from the 1.6575-1.6600 area, with a profit target of 150-200 pips, might be a good trade.
But, the pair has work to do between here and point 7, before that trade can be recommended.
Edit: I think I have overestimated the time required to complete the move to point 7. See the next post.
Two caveats:
(1) Channels don’t last forever. A break below the lower channel boundary line in the region of point 7 would mark the end of this channel, and
(2) The trade described above is not in any way related to the strategy we have been discussing on this thread.
But, it’s something to watch for a potential “off-topic” trading opportunity.
