Forex

I do not agree both of you, if price above 2.0205/190 atleast 150 it can not be choppy.buy recommendation break above 2.0330/65 with tight SL 300/280.(T1:450 T2:500). (market playing on its shottrem bullish channal )
Idea for bear only spported if market break below 2.0087/50 and next day 1.9995

sorry..when i said drop like a stone i only meant to the 0150 level....i agree that it will bounce back..and believe it possible to atleast test 0360 ? as i said earlier this morning..test 0250 then bullish..

sorry for mix up...

happy trading

Out @ 2.2728 for 42 pips. Broke the Prior day close of 2.0273. Waiting for new entry point.

hey samanouski

do you not think it will test 2.0250 before bounce?

i have to say it does look like it is slowing down and maybe might not even reach 2.0280 again before the bounce?

thanks

not sure what your pointing out mate, price is 2.0288 atm SL already?
Choppy means strong swings not favoring tightly managed trades unless smaller size position applied. While the market decides on the bigger direction UP or Down given right now in hourly terms there is no trend yet but price action so far showing more to the downside.

is it right to long gbp/usd now because i am long now.any ideas thanks very much

is it right to long gbp/usd now because i am long now.any ideas thanks very much

Did you read the Joe Ross Book? Hourly shows 1 @ 2.0391, 2 @ 2.0281, 3 @ 2.03343. Now it is going into Consolidation. Failed to make new High above .0350 so start again. Up 2 to 3 Bars, Down 2 to 3 Bars. I put Lines on my chart @ the 1 & 2 points.. Those are usually always your Hight / Low points.. Then watch for direction. I trade the hourly chart so it is much slower.. You have to count fast on the 5 min.. Try backing off to the 15 / 30 min charts. Add a 55 Low & High SMA and a 180 Low & High SMA.. Now watch how price bounces off of / Breaks through these lines. Above 180 long / Short below 180.. When these lines intersect (Like they are right now on the 15min / 30 min / 60 min.. Watch for Consolidation and Range Trading.. After consolidation Watch for Break out.

Don't think or guess where it is going.. it will tell you where it is going

hey there...

yes i read some of it and very interesting..think i have to read it a few more times for all to sink in as i am taking alot of info in right now and my brain is ^$%%$£ lol....seriosly though i have been putting the lines on the chart..as you say ive been using 5M lately but do refer to 15 and 60M and as i said in my last post it does seem like an upward trend is now forming...as i see it getting squeezed out (consoladation?) before the breakout..so how i would do it now is when the first full candle forms above the previous down trend line i would then enter my trades...

hope that makes sense..but is something have been following for past couple days and it appears to be working lol on the last short netted 60 pips from following the lines and as it was unable to push through 0335 resistance i went short..


thanks for all your help the other day..share the wealth! .....

thanks..and if i havent made sense of my reply i do apologise but i have not got all the lingo correctly yet...

ciao for now and go bulls!! lol

That is the main thing.. Find something that you have confidence in. Back test your strategy. Look for Profit / Loss statistics. See if you can take the emotion out of the set up. Once you can remove the emotion from your system and just Trade it; Trading becomes so much easier. Trading was more about mastering myself, to a certain degree, than it was writing down a set of rules and having the disclipline to follow them. Wether I won or lost pips. I just keep trading the rules. My back test showed that I won more pips than I lost pips. My loss ratio is high but, The pips I gain on my long runs is what increases my account balance.

I work so I don't day trade. (Unless I am home with a sick kid).. Then I take some quick pips. I Long term trend trade / Swing trade so my holds are days to weeks long. I'm really not into these quick hits. I would have gotten in around 1.9616 except I was already short US/JP and Long GB/NZ. (I don't like to have more than 2 open positions at a time). but hey.. Made 469 pips off GB/NZ..

As my account builds I'll start adding more open positions.

Still short US/JP so I'm looking for Good entry back into GB/US. Last break out at 2.0196 did not hold.