Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by JohnG_FX

I will update the blog tonight or tomorrow morning.

My current positions are long at 8668, 8651, 8569 and 8527.

Mental stop at 8490 but no hard stops as don't want to be whipped out on a spike below.

Doji on the daily yesterday signaling a beginning of exhaustion on the move down. nice positive D on the 1hr and 4hr.

Fairly comfortable with current positions, looking for a hold above 8500 followed by a higher low on Monday.

hi John

I would be interested to know what lot sizes you are trading, and not just John, all of us who are here on the Forum.

I still trade to from 50K - 200K
I did try a couple of times at 1million (which for me is a $100 pip Trade) but this makes my heart race a too quickly, great when they work and a nightmare when the don't.

Take what you can and give nothing back.

Originally Posted by cmellon

LOL, how do you figure it out A?
I am now the 2nd of the triplet cmellon, working 2nd shift from 9:00 GMT - 17:00 GMT

We, triplet cmellon, our responsibility is to ensure that DailyFX GBP and EUR forum have enough discussions, LOL.

Nah... I live in Hong Kong... so I will be zzzzz from around 16:00 GMT - 1:00 GMT.

Good humor on Friday. I am in the Philippines... getting home now... i need something to drink... see you all next week

Best,

A.

Originally Posted by Vince

hi John

I would be interested to know what lot sizes you are trading, and not just John, all of us who are here on the Forum.

I still trade to from 50K - 200K
I did try a couple of times at 1million (which for me is a $100 pip Trade) but this makes my heart race a too quickly, great when they work and a nightmare when the don't.

Take what you can and give nothing back.

hi vince i would say between 25-150k is my comfort zone anything more and i sweat..and im to lazy to sweat lol.
my target is 300-500$ per day and is more than achievable on the above K..and can get lucky like other day when big moves..did manage to get 3.5k$ but greed got the better of me lol and ended up with 2.5k$.....my first loosing day in 9 yesterday lost 500$..still up for the week and hoping to take a bit more today

happy trading!!

Originally Posted by upadrasta

hello

i see the daily RSI on GU is now the lowest in 10 yrs. does anyone have a clue why it is collapsing like this? i mean seems completely insane that a currency can keep dropping like this continuously for so many days

Upadrasta,,, I used to be the same way.. What is the reason for this.. What is teh reason for that.. I though that maybe if I could understand the reason; It could help me trade better. Please find the attached Monthly Chart of GBCHF.. It dropped for 5 Months straight. What is the reason for that Drop? This is a High Yielding pair; People shoud want the Yield Right? I should stay Long this pair right? Bears are currently winning in this pair..

I settled with these 2 Explainations for things.. Either Bulls are winning or Bears are winning.. Not much more to understand except where the Last High or Low was for a Target. Trade on the side of the winning Team.

Originally Posted by djindyfx

DG White.. I also recomend that you watch some of the Videos that are out there by VCM Trading..
VCM Videos > Free Online Seminars

Thanks DJ.

Originally Posted by Vince

hi John

I would be interested to know what lot sizes you are trading, and not just John, all of us who are here on the Forum.

I still trade to from 50K - 200K
I did try a couple of times at 1million (which for me is a $100 pip Trade) but this makes my heart race a too quickly, great when they work and a nightmare when the don't.

Take what you can and give nothing back.

Hi Vince

Same as you I tend to still stick 100k-200k as a normal lot size,

The 4 longs I'm holding are 1 standard lot each (£100k)

So total position is £400k ($750k) with a 1.8603 average


I do use larger size trades but usualy confine those to options.

Originally Posted by FX Newb

hi vince i would say between 25-150k is my comfort zone anything more and i sweat..and im to lazy to sweat lol.
my target is 300-500$ per day and is more than achievable on the above K..and can get lucky like other day when big moves..did manage to get 3.5k$ but greed got the better of me lol and ended up with 2.5k$.....my first loosing day in 9 yesterday lost 500$..still up for the week and hoping to take a bit more today

happy trading!!

well done on the 2,5k though, but I know what you mean about being greedy

I am also up again I am on about 20 straight trades since my all time best record of 44 got trashed a couple of weeks ago

Originally Posted by Vince

well done on the 2,5k though, but I know what you mean about being greedy

I am also up again I am on about 20 straight trades since my all time best record of 44 got trashed a couple of weeks ago

thanks..i was a bit shocked to say the least..it was my biggest profit per day since i started last november..still learning..and its when you loose on a day it can sometimes undo so much of the good..

as i type just testing through 8620..wil lstart shorting at 8640 then 8660..if we get there

happy trading

Originally Posted by FX Newb

thanks..i was a bit shocked to say the least..it was my biggest profit per day since i started last november..still learning..and its when you loose on a day it can sometimes undo so much of the good..

as i type just testing through 8620..wil lstart shorting at 8640 then 8660..if we get there

happy trading

I'm out of my long at 1.8640. I still feel there's more upside left in this, poss to 1.8720 but with the wkd here I don't like holding positions over the wkd.
Good luck with your shorts, suppose it depends on the US data in 30 mins.

Sunny here in London so I'm going outside to have a beer!!!

GL all

Originally Posted by FX Newb

thanks..i was a bit shocked to say the least..it was my biggest profit per day since i started last november..still learning..and its when you loose on a day it can sometimes undo so much of the good..

as i type just testing through 8620..wil lstart shorting at 8640 then 8660..if we get there

happy trading

I have a short order at 8650 (50k) still not too confident about a massive correction

Originally Posted by pubber

I'm out of my long at 1.8640. I still feel there's more upside left in this, poss to 1.8720 but with the wkd here I don't like holding positions over the wkd.
Good luck with your shorts, suppose it depends on the US data in 30 mins.

Sunny here in London so I'm going outside to have a beer!!!

GL all

hi also suny in walsall west midlands
still long looking to push 8640 ..i also see the potential to 8720..hoping for it tobreak 8640 prior to news release then close longs around 8660 and look to short.

enjoy your beer

out at 8650 and short at the same 50k also vince

Originally Posted by se1paul

Cmellon. By the power of Delta, I command you to command the reverse from this afternoon, as I want a nice restful weekend!!

se1paul,

Your wish granted. ITD 6 is officially IN today.

Originally Posted by Vince

I have a short order at 8650 (50k) still not too confident about a massive correction

hi ..also added another short at 8672 25k

Originally Posted by JohnG_FX

Hi Vince

Same as you I tend to still stick 100k-200k as a normal lot size,

The 4 longs I'm holding are 1 standard lot each (£100k)

So total position is £400k ($750k) with a 1.8603 average


I do use larger size trades but usualy confine those to options.

When I grow up I want to be like you, be able to trade multiple 100k lots and be able to have a fat cash account. I am 51 yo and it probably will take me 10 more years to get there... Unfortunately my typical trades are of 25K to 45K lots.

John..., If today is the day for the trend reversal as you and Cmellon have been forecasting, you are going to start having a bunch of followers including me.... I've been reading everyones July's postings in particular your postings for July before the trend reversal, and you sure nailed that one right on the money.... Good job for July and and a great weekend... time to hit the waves

Long at .8574
S/L .8500

Got stopped at 1.8650 last night

Originally Posted by cmellon

se1paul,

Your wish granted. ITD 6 is officially IN today.

hi cmellon...love ya work ..
I like many i guess have been awaiting this reversal seems like weeks ..
when you say officially in today is there still chance that we will post a lower number than earlier?..

i say this as the pound seems happiest falling for so long its kind of forgoton how to bounce lol..seriously though if oil takes another dive this pm do you see it as a possibility?

also i noticed this earlier and thought it might bring price down..what you think?
A 1.8500 exotic option barrier is slated to roll off at today"s 10am Eastern NY cut (14:00GMT), alongside a 1.8500 strike.

happy trading