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GBP/USD, USD/JPY, EUR/USD : Where are they going?

  • Post #1
  • Quote
  • First Post: Oct 15, 2006 8:07pm Oct 15, 2006 8:07pm
I'm very concerned about my position in the market right now.

I went long on GBP/USD at 1.8598 and EUR/USD at 1.2510
and went short on USD/JPY at 119.69 on Friday.

I went short on GBP/USD and the market went up to 1.8630 then I waited until I broke even before I sold it. So, that's when I switched the side which doesn't look so good now.

I know that I shouldn't have done that because it's Friday and shouldn't have opened trade on several currency all at once.

So, I need your opinion about what I should do now.
My positions are looking pretty bad right now.

And where can I learn Mouteki technique? I checked Mouteki trading room, but I don't know where to begin.

Thank you so much,

pipspips
Quoting pipspips
I'm very concerned about my position in the market right now.

I went long on GBP/USD at 1.8598 and EUR/USD at 1.2510
and went short on USD/JPY at 119.69 on Friday.

I went short on GBP/USD and the market went up to 1.8630 then I waited until I broke even before I sold it. So, that's when I switched the side which doesn't look so good now.

I know that I shouldn't have done that because it's Friday and shouldn't have opened trade on several currency all at once.

So, I need your opinion about what I should do now.
My positions are looking pretty bad right now.

And where can I learn Mouteki technique? I checked Mouteki trading room, but I don't know where to begin.

Thank you so much,

pipspips
This is just my own opinion and is based on the technical analysis I have done over the weekend in order to decide what I was going to do.

First, I do not know the state of your brokerage account--how many lots of each currency you have and how much drawdown your account can stand.

It is very possibly that cable, for instance, will go down to 8500 or so, and then turn around and climb rather strongly up to at least 8650 and more likely 8700. Fiber should do a similar thing.

Usually the 3 trades you made amount in a sense to doing the same trade 3 times. In this case, there are reasons to believe that USD/JPY may not do the opposite of the other 2 as it usually does, at least not just now. I personally believe that your short there is the greater risk, as long as you can survive the drawdown on the others.

Remember, however, that these are just my opinions and may be no better than your own.
Quoting pipspips
I'm very concerned about my position in the market right now.

I went long on GBP/USD at 1.8598 and EUR/USD at 1.2510
and went short on USD/JPY at 119.69 on Friday.

I went short on GBP/USD and the market went up to 1.8630 then I waited until I broke even before I sold it. So, that's when I switched the side which doesn't look so good now.

I know that I shouldn't have done that because it's Friday and shouldn't have opened trade on several currency all at once.

So, I need your opinion about what I should do now.
My positions are looking pretty bad right now.

And where can I learn Mouteki technique? I checked Mouteki trading room, but I don't know where to begin.

Thank you so much,

pipspips
Sell on the rallies. Keep shorting the Euro/USD and pound everytime it rallies back. For the past few months most of my trades have been short trades. We are approaching a very crucial level (1.2450), if broken the flood gates are going to open and the bottom is going to fall out.

There is also a nice head and shoulders on a 1 day 3 year Euro/USD chart supporting a push to the downside.

Keep shorting this bad boy, you don't want to be caught long if the euro breaks 1.2450.
Quoting pipspips
And where can I learn Mouteki technique? I checked Mouteki trading room, but I don't know where to begin.
pipspips
Hi pipspips,

Regarding Mouteki,

The material can be found here:

http://www.forexfactory.com/forexfor...ead.php?t=8464

best,
HK
Welcome to the Factory pipspips.
You kind of rushed in, but you never know where market will go.
If I had your trades, I'd probably set my buy stop orders (hedge) as follows:
fiber: 1.2460
cable: 1.8480
usd/jpy: 120.05

I'm not sure how long you've been trading, but since you turn to others for opinion, I believe not very long.
In my opinion you should start off by reading this section before going live.
Good Luck.

Quoting pipspips
I'm very concerned about my position in the market right now.

I went long on GBP/USD at 1.8598 and EUR/USD at 1.2510
and went short on USD/JPY at 119.69 on Friday.

I went short on GBP/USD and the market went up to 1.8630 then I waited until I broke even before I sold it. So, that's when I switched the side which doesn't look so good now.

I know that I shouldn't have done that because it's Friday and shouldn't have opened trade on several currency all at once.

So, I need your opinion about what I should do now.
My positions are looking pretty bad right now.

And where can I learn Mouteki technique? I checked Mouteki trading room, but I don't know where to begin.

Thank you so much,

pipspips
I have a few lots long on GBP/USD at 1.8628 (bought them when Fri after making 40 pips on a long from 1.8570).

I think it will go back up to at least 1.8750 by Thu, which is where I set my limit. I won't use stops on this trade because GBP/USD is way too low already and it is unlikely to sink more. If my 1.8750 doesn't happen within 4 days, it will within 10 - USD is way overvalued right now
Quoting EGForexTrader
Sell on the rallies. Keep shorting the Euro/USD and pound everytime it rallies back. For the past few months most of my trades have been short trades. We are approaching a very crucial level (1.2450), if broken the flood gates are going to open and the bottom is going to fall out.

There is also a nice head and shoulders on a 1 day 3 year Euro/USD chart supporting a push to the downside.

Keep shorting this bad boy, you don't want to be caught long if the euro breaks 1.2450.
I think thats the best piece of advice I've ever read. Take some notice pipspips, the man is speaking sense.
Quoting bodge
I think thats the best piece of advice I've ever read. Take some notice pipspips, the man is speaking sense.
Sold on all the rallies today for Euro and Pound, total pips, 58.
Quoting EGForexTrader
Sold on all the rallies today for Euro and Pound, total pips, 58.
Good job EGForexTrader. I basically do the same as you but I also hold long term trades whilst doing it.
Hi EGForexTrader,

Mind showing us your entry and exit for both trades? Just would like to confirm that I understand the phrase "sold on all the rallies". Thanks!

Quoting EGForexTrader
Sold on all the rallies today for Euro and Pound, total pips, 58.
I saw several long signals when everybody was saying to short GBP. So I went long yesterday but now I am seeing that GBP/USD is having a very hard time breaking the 1.8640 resitance level so I clsoes my position.

Right now I am hoping for a test of the 100 sma on the daily chart.

We had a bullish engulfing candle on yesterday daily candle and a test of the 100 sma looks to be on the books. I will stay out till that line is tested or we see a significant turn atound.

My Tip: If GBP/USD breaks the 100 sma on the daily chart and closes above it, take out a long position.

Here are some screenies of the long signals I had yesterday.

Entry @ 1.8546 Exit @ 1.8634 +88 pips
http://img88.imageshack.us/img88/9017/signalsdv2.jpg

These are just example charts an do not represent my trues forex trading system
Looks like the dollar is weakening.
err..sorry...it's strengthening... USD/JPY is probably headed north.
gu
http://images.temppic.com/06-08-2007...0.29356000.jpg
  • Post #15
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  • Last Post: Aug 5, 2007 3:09pm Aug 5, 2007 3:09pm
[quote=fxgreenday;1524208]gu
http://images.temppic.com/06-08-2007...0.29356000.jpg
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