Thread: Discuss GBP/USD - H2 2012

Thanks Alejandro, others for commenting. If this is the wrong forum for this topic, please let me know. Good news/bad news situation. I received your posts just a tad too late, and had closed my positions. $5K loss on a $35K account. After which, it did what you had predicted and I could have gotten out with less loss (maybe even slight profit).

I appreciate your comments about overtading and using too much leverage and will definitely consider it. A 300 pip move without any real correction would be what would have caused my first margin call. When you say a "move this small" - is it common to have moves larger than this? Extensive back testing with my trading strategy over the past 2 years didn't reveal that this strategy would go bust as frequently as it has this July. For what it's worth, in both instances of me being in trouble this month, had I left my EA alone, it would have recovered and been profitable. It seems that my intervention, once it has a high number of bad positions, is what causes it to fail. I basically get scared that another strong move against me will wipe it out, take a small to moderate loss to reduce my risk of that happening, and have been unfortunate to have it happen twice in the same month, reducing my balance for July by 50%.

I'd also be curious to know the basis for drawing the arrows on the chart you drew, as well as Jake's advice. Perhaps there's a good online lesson on these two points you can refer me to?

Any help would be appreciated!

-Kevin

Originally Posted by Alejandro Zambrano

Hello Kevin,

I am bearish as long as we trade under 1.5450 and expect us to reach the 1.56 level. If we look at a long term chart we can see that we can even drop to 1.5550 over the next 1-2 days. If I was just I would look to reduce my position and taking partial losses unless you are convinced that your position will be profitable with your current stop loss level.

I would also look to trade with less leverage/contract size next time - the last few day's move is just 300 pips or 1.9% if you are getting wiped out by moves this small then you are using too much leverage.

I understand that is hard in the beginning so I would look to learn more about stop loss and leverage - Forex Trading Signals | DailyFX

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Personal Spending m/m 0.0% vs. 0.1% expected -0.1% previous

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Originally Posted by root-minus

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ideally - l wanted to see cadjpy spike this supply before l took the buy on gbpcad, but gbpcad has arrived at demand before cadjpy has visited this level

timing gbpcad entries - l use cadjpy levels alongside gbpcad levels

We got a bounce on the weaker CAD GDP so I closed out my GBPCAD short

the data fits the zones?!@ not the other way round, so it seems


GBPCAD heading for first tg

Originally Posted by Alejandro Zambrano

We are got a bounce on the weaker CAD GDP so I closed out my GBPCAD short

We went Long in Pip and Run and grabbed a quick +19.2 Pips on a Long GBP/CAD trade.Say Pat, were you able to get GBP/CAD on your platform?

Pip and Running for +85 pips in Two days.8 Wins out of 9 trades on the Active trader platform. I also picked up another +39 pips today trading on the FXCM TSII demo platform. Caught some nice bounces from the central pivot in the Euro.
Join me for Pip and Run Monday through Friday at 5:30AM ET

Originally Posted by mhz888

Thanks Alejandro, others for commenting. If this is the wrong forum for this topic, please let me know. Good news/bad news situation. I received your posts just a tad too late, and had closed my positions. $5K loss on a $35K account. After which, it did what you had predicted and I could have gotten out with less loss (maybe even slight profit).

I appreciate your comments about overtading and using too much leverage and will definitely consider it. A 300 pip move without any real correction would be what would have caused my first margin call. When you say a "move this small" - is it common to have moves larger than this? Extensive back testing with my trading strategy over the past 2 years didn't reveal that this strategy would go bust as frequently as it has this July. For what it's worth, in both instances of me being in trouble this month, had I left my EA alone, it would have recovered and been profitable. It seems that my intervention, once it has a high number of bad positions, is what causes it to fail. I basically get scared that another strong move against me will wipe it out, take a small to moderate loss to reduce my risk of that happening, and have been unfortunate to have it happen twice in the same month, reducing my balance for July by 50%.

I'd also be curious to know the basis for drawing the arrows on the chart you drew, as well as Jake's advice. Perhaps there's a good online lesson on these two points you can refer me to?

Any help would be appreciated!

-Kevin

Kevin see attached chart for my views.....

Originally Posted by Gregory McLeod

We went Long in Pip and Run and grabbed a quick +19.2 Pips on a Long GBP/CAD trade.Say Pat, were you able to get GBP/CAD on your platform?

Yup I closed out for a 99+ profit and 48.2+ these where long term position which I entered on Thursday last week - lets see if we respect the 1.57 level or not. Might go short on a break.

Originally Posted by JakeBenjamin

Kevin see attached chart for my views.....

Thank you for helping out Jake

US Consumer Confidence for July Up at 65.9 vs. 62.7

NICE GBP/USD dropping as predicted. I am however not short GBP/CAD any longer so I am not that happy