Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by djindyfx

Took a long when price found resistance at the 48 MA. Daily chart is following through as the 20ma is providing more support for buying. Target is still prior high @ 6661.

Still long.. Target still the same. I lightended the load on this position by taking off partial contracts on the way up. Original entry point is the blue box.

Originally Posted by djindyfx

Still long.. Target still the same. I lightended the load on this position by taking off partial contracts on the way up. Original entry point is the blue box.

I'm new to this, but I have a similar trade on. What's your stop limit and why?
Thanks

Originally Posted by tjones

I'm new to this, but I have a similar trade on. What's your stop limit and why?
Thanks

Tjones.. The book below has everything in it about why I went long in the area I did and why my Take Profit is at the 1.6660 area. You will see that this current daily chart set up is exactly what is discussed in the book. 3 bar pull back into a rising moving average. Well worth the $ if you follow the tactic.

Amazon.com: Swing Trading with Oliver Velez Course Book with DVD (Trade Secrets Course Books): Oliver Velez: Books

My stop lose during entry of the trade is always the high / low of the bar I got in on or the prior bar.

Good luck to you tjones.

Originally Posted by djindyfx

Tjones.. The book below has everything in it about why I went long in the area I did and why my Take Profit is at the 1.6660 area. You will see that this current daily chart set up is exactly what is discussed in the book. 3 bar pull back into a rising moving average. Well worth the $ if you follow the tactic.

Amazon.com: Swing Trading with Oliver Velez Course Book with DVD (Trade Secrets Course Books): Oliver Velez: Books

My stop lose during entry of the trade is always the high / low of the bar I got in on or the prior bar.

Good luck to you tjones.

Wow, that's a tight stop. Thanks for the tip, I'll get the book.
Cheers

Originally Posted by djindyfx

yes Trendcat.. To each his own.. If you are successful at trading tops / bottoms then .. I'm very happy for you and I hope you continue to be successful at it. I have been taught never to pick them.

dj

It seemed your long trade on June 8 at around 1.5833 was a nice bottom pick!! Most every trade is a pick of a top or bottom. It just depends on your perspective.

Originally Posted by 4xis2ez

It seemed your long trade on June 8 at around 1.5833 was a nice bottom pick!! Most every trade is a pick of a top or bottom. It just depends on your perspective.

Agree with you there 4x.. A certain perspective can mean the difference between taking a long or a short position based on a partictular time frame you are looking at. I personally don't see that trade as picking a bottom becuase what I traded was a pull back from a recent high . Cable is in an up trend on daily charts. Potato, Patato, Tomato, Tamato.

Originally Posted by tjones

I'm new to this, but I have a similar trade on. What's your stop limit and why?
Thanks

TJ.. If you are totally new to Trading in general. Give the below Video a watch. There are many good Videos and presentations of Traders @ www.moneyshow.com Oliver Velez, Greg Capra, Tim Morge. These are Professional traders. They are passing on their knowledge to us through these presentations.


MoneyShow.com: Video

Here's what I think may be happening.

FROM DINJYFX:

TL, I don't use Fib, Macd, or RSI. I only use Candles, Simple moving averages (14, 48, and 200 on 5min & 15m charts) (8, 20, and 200 on 4hr and greater time frames), The daily & Weekly open price, and Something called Donchain channels. The Donchain channels show me the Highest highs / Lowest lows of the last 11, 21, and 50 bars back.

Trading rules. Determine the trend. Only buy pull backs to the moving averages and the candles have confirmed that the trend has resumed.

Do not trade tops and bottoms. The market does not pass out extra prizes for trading them. There will always be another top / bottom. Tops and bottoms is where you get out of trades, Not where you get into them.

Originally Posted by trendcat

djindy to each is own
my system just picks tops and bottoms
and does very well
cheers

I respect both you guys and would like to get your overall take on the posts above. CODYB- I'm talking S/T intraday trading, and even scalping. CMEL - You LT approach to such an argument above?

I only "check" I don't use: Fib, Macd, or RSI and Pivot Points because everybody else does! They never stay on my chart when trading. I do not try to pick tops and bottoms, and even in a range trade I’ll take a position exactly when price hits ½ or the middle of the range—IF I feel the defined range has stalled, and/or broke, of course. RSI? My screen tells me overbought or oversold!

CODYB: You scalp successfully, therefore you are my de facto hero. If you are as old as your profile states, ( I think 92?) when is it time to give back—or have you not made it to Brinkers “Crital mass” just yet? If/when you do, Put me first in line as your new prodigy following your system that truly cannot be defined, even by you (I think you sad that?) yet is clearly profitable, -- is more instinctive in nature, and only your reactions or trades are based on price, what you see, and will instinctively enter, or do not enter a trade.

I also noticed you trade around the same time I do (1:00 AM EST to set goal is met, or sometime before the American market opens.

ONE PROBLEM: volatility within that time frame: If I am going to set a stop loss, I make sure my take profit order is 1.5 or 2 X my stop loss. For me the bare minimum is at least a 30 pip stop loss. Been spiked out way too often with anything lower than 30 stop loss. What is your typical stop loss? I know you will say “it is half of your target'” but rough estimate?

Thanks guys!

Mike

Hello to everyone...

Was a very disappointing night yesterday... I missed a very good Short position...
I should have shorted at 1.6180 (resistance level) for 20-40pips...

So today my Resistance levels are 1.6430 and 1.6495. From either point i will go Short +/- 5pips and i expect take profit 20-40pips

And my Support levels... 1.6200 (+/- 5pips) from there I will go long also for 20-40pip take profit

Any other trades during this time i will post...

Currently im in a trade..

Entry: 1.6311 at 21:11
Going Long GBP/USD

I'm expecting about 10-20pips: I will exit when I have confirmation
On 1min chart it gave a low RSI signature, and gave over 61.8% big picture.

-Rudy

Originally Posted by 4xEdge

Hello to everyone...

Was a very disappointing night yesterday... I missed a very good Short position...
I should have shorted at 1.6180 (resistance level) for 20-40pips...

So today my Resistance levels are 1.6430 and 1.6495. From either point i will go Short +/- 5pips and i expect take profit 20-40pips

And my Support levels... 1.6200 (+/- 5pips) from there I will go long also for 20-40pip take profit

Any other trades during this time i will post...

Currently im in a trade..

Entry: 1.6311 at 21:11
Going Long GBP/USD

I'm expecting about 10-20pips: I will exit when I have confirmation
On 1min chart it gave a low RSI signature, and gave over 61.8% big picture.

-Rudy

Trade Closed: at 1.6355 Reason for close: hit T/P
Profits: +44pips

Here's how the turn points have worked out so far.

Great trade there. 4xedge.

Been trading the Euro and GBP, the Euro is a lot more frustrating possibly capped by EUR/GBP cross weakness. Cable just doesnt want to let up.

Okay... I entered another trade

Long on GBP/USD

Entry at 0.10 at 1.6354

Reasons for entry: 3min Strong RSI support and Moving average direction, 1min Hit 50% Fibonacci small picture and 61% big picture

Take profit : This may sound far fetched but I'm looking at 1.6465 but at any time i have confirmation i will close

-Rudy

Originally Posted by 4xEdge

Okay... I entered another trade

Long on GBP/USD

Entry at 0.10 at 1.6354

Reasons for entry: 3min Strong RSI support and Moving average direction, 1min Hit 50% Fibonacci small picture and 61% big picture

Take profit : This may sound far fetched but I'm looking at 1.6465 but at any time i have confirmation i will close

-Rudy

Exit at 1.644
Profits: +60 pips

I had to close, system confirmation, even though it might still climb higer

-Rudy