I'm inclined to think 1.98 is a good selling level. For price to come back and test the previous support now resistance line we cleanly broke and closed on Friday.
Short at 1.9810, SL 1.9852

Chart attached

GL

Attached Images

 

hello guys

i have been trading for afew months now. i initially made money buy taking some positions and taking small profits. but after tat i took this short position in gbpusd and i really got frustrated. when the market has been unfavorable since i took it. i tried to hedge at 2.0060 and it so happened that it went there and reversed. so net net i lost on both counts. now i am having both positions and i am dont know wat to do.

i tried to take some other positions and what ever position i take, market seems to be moving in the other direction. i am kind of thinking whether this game is not for me.

any suggestions/ideas pls.

thanks

I am willing to disclose how I earned from last Friday to this Thursday $4,600.
I trade Fundementals, I only trade on news alerts,
I only use RSI, buy and sell the currency pair at 70 and 30 levels,
I look at highs and lows of the day, and from Asia
I buy and sell at support and resistance levels
I trade up to 20k thats all thats roughly 5% of my equity, so if something whippy happens like in the week where we had the negative unemployment figures, I still had enough in the account to cover that heartstopping climb to 9930 (I think)
I keep the trading somewhat secret aswell, my gf doesn't know so there is no stress on me there, meaning, not wanting to know if I have made money or lost money that day.
Infact nobody knows I trade
I read alot of Finacial websites in the morning
I read the Forum, I think there is a valuable source of info here.
I don't leave trades overnight anymore
I start trading at about 07.30 GMT to the end of European Trade
My PC is then turned off before my gf arrives home at about 19.00

so that's me really, I trz and keep it as simple as possible

we are now in the 9930's I feel start of trade tomorrow we should see a slight correction as levels are a little over bought but I still see a push lower to the at least 9650

good luck to all in the coming week

my motto....Take what you can and give nothing back

Vince

Vince, Thanks for the information, If you do not mind I would like to ask a few more details. I am sorry for asking more questions, I promise I will not tell your girl friend that you trade, but we are curious. As you know, is in the details where the devil lives.

What is your charts time frame? 3 min, 5 min, 15 min, 1hr or 4hr? Time frame makes a huge difference as you read the RSI.

What RSI are you using, 9 or 14 of any other number?

What about stop losses, what is your range if you use them at all?

What about your Stochastics or any other tools, are you using them at all for your trades?

Are you doing any scalping or do you keep your trades open until you reach your goal?

I think there is a good oportunity to BUY GBPUSD.

Buying around 1,9750, with a stop bellow 1,9690 with targets:
1 - 1,9870;
2 - 1,9920;
3 - 1,9970;
4 - 2,0020;
5 - 2,0070;

"I keep the trading somewhat secret aswell, my gf doesn't know so there is no stress on me there, meaning, not wanting to know if I have made money or lost money that day. " Quote from Vince

I believe that this absence from stress from significant others is your biggest secret. Since I have a wife, I do not enjoy your advantage but I am happy that I am on the right track in the use of fundamentals as a primary indicator, and the use of news reports as additional factors. What time frame do you use with your RSI, because I usually use one hour and sometimes the dailies? I also use on 5-6% margin which allows me to keep floating losses until the price comes back to my favor, which it always does, as long as I follow the long-term trend. And that is why I rarely use S/Ls, except when i enter a position that is against the trend. Thanks again for sharing your secrets.

Hey Lovely!.. Right click anywhere in your "Account History". Select your time period: All, Last 3 months, Last Month, or Custom Period..
Then do Save as Report or save as Detailed report. It will save the report in HTML so any web browser can open it. Screen shot attached for you.

Hi djindyfx ..give me your email i will send to you the help me post here

Lovely

Would you mind sharing your trading methods and strategies with the rest of us as Vince has done?.

Thanks.

Hi everyone,

No change in position. Still keeping my short at 9913.

Conservative target is 9455 (based on contracting triangle EW count) due on August 16. But since August 16 is Saturday, it will be due on Aug 15 Friday.

Time is more important than price target. If price drops a lot faster and more, it will keep dropping until the time is due for the market to turn at Aug 15. But as of now, my projection is 9455 (the place where ITD 6 and also wave D of contracting triangle meets).

I have decided to hedge my short by buying at 9700, which is near the low trend line channel in 60 minute chart.

I expect price to be a little more sideways for the next 2 weeks until Aug 15. Will look for opportunity to add my short if I see rallies.

GL everyone and happy trading.

Hi cmellon....
there is also divergence on the hourlies, where RSI isnt making a lower low where price has, so a buy would be recommended. Where do you expect the price to go up to? All the way to the top of the channel??
Thanks M$M

Hmmmm...wont let me attch chart for some reason...

Hopefully this works
M$M

Attached Files

Doc7.doc (87.0 KB, 123 views)

hi M$M

Yes, I see the hourly divergence in your chart. Good observation. But sometimes using bullish divergence only is not dependable without some other observations.

I do expect GBP to get some strength to rally a bit. Most likely it would be until the top of the channel, but certainly it won't be higher than ITD3 (currently at 2.015) in my Delta chart. I also suspect ITD5 has already been in (currently at 1.9977), but I put a question mark there in my chart. It's possible that both ITD4 and ITD5 come late, but the key is that if GBP rallies, it could never be higher than ITD3.

I myself would release my long and add more short when GBP rallies to the top of the channel, as I am more leaning to believe that ITD5 has been in. If ITD5 was already coming in at the place of my chart, then GBP will not rally above ITD5 at 1.9977. This is because the MTD (the higher cycle) is going down, so each ITD high point will be lower until the turn date on Aug 15.

Thnaks Cmellonfor your comments. Always helpful for us inexprienced traders. i'm not very familiar with the deltas but trying to get my head round them. I went short earlier with a very tight stop of25 pips...
lets see how this plays out.
M$M

No problem M$M. I am also new to Delta. I learned it from JohnG_FX and 2be. They are the diamond.