Longer Timeframes on GBP Pairs - Pointless? | Forex Factory

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Longer Timeframes on GBP Pairs - Pointless?

  • #1
  • First Post: Jul 18, 2018 5:39am Jul 18, 2018 5:39am
I've been thinking about this for a couple of days...

With the volatility in the UK economy as a result of Brexit, isn't it a bit pointless using the longer time-frames for GBP pairs? By this, I mean the weekly and monthly charts. Surely what's happened before has little relevance now?

Many of my orders are stopping out at B/E and was considering looking at either trades on the 1HR, or 4HR.

What do you think?
  • #2
  • Jul 18, 2018 6:20am Jul 18, 2018 6:20am
Quoting plymgary
I've been thinking about this for a couple of days... With the volatility in the UK economy as a result of Brexit, isn't it a bit pointless using the longer time-frames for GBP pairs? By this, I mean the weekly and monthly charts. Surely what's happened before has little relevance now? Many of my orders are stopping out at B/E and was considering looking at either trades on the 1HR, or 4HR. What do you think?
I think, weekly & monthly chart is pointless (most of the time) if you are a intraday or day trader.
  • #3
  • Jul 18, 2018 6:52am Jul 18, 2018 6:52am
Quoting MariaEduard
{quote} I think, weekly & monthly chart is pointless (most of the time) if you are a intraday or day trader.
Yep, you're right. However, I'm looking at longer term trades. Thing is, it seems most of the 'usual' rules many follow (price action, moving averages, Fib. levels etc.) don't seem to hold true much any more.

I'm going to look at shifting down to a lower time frame. I think the information will be more relevant as it's (to me) impossible to think about GBP over the long-term.

At least I tended to break even though. Phew!
  • #4
  • Jul 18, 2018 7:03am Jul 18, 2018 7:03am
Quoting plymgary
{quote} Yep, you're right. However, I'm looking at longer term trades. Thing is, it seems most of the 'usual' rules many follow (price action, moving averages, Fib. levels etc.) don't seem to hold true much any more. I'm going to look at shifting down to a lower time frame. I think the information will be more relevant as it's (to me) impossible to think about GBP over the long-term. At least I tended to break even though. Phew!
If you are a long term trader, then just hold a Short GBP/USD position for a while you would be just fine since USD is on fire and GBP is getting flushed down the toilet every other day. If we get below 1.30 and stay there for a bit, Maybe USD/GBP would hit 1.20 by the end of the year .. I dunno, but it seems like it headed that way.
  • #5
  • Last Post: Jul 19, 2018 12:25am Jul 19, 2018 12:25am
Quoting plymgary
{quote} Yep, you're right. However, I'm looking at longer term trades. Thing is, it seems most of the 'usual' rules many follow (price action, moving averages, Fib. levels etc.) don't seem to hold true much any more. I'm going to look at shifting down to a lower time frame. I think the information will be more relevant as it's (to me) impossible to think about GBP over the long-term. At least I tended to break even though. Phew!
Thank you very much for reply; hope for the best! Keep hunting green pips.
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