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GBP/USD M5 Trading

  • #1,721
  • Nov 21, 2023 1:08am Nov 21, 2023 1:08am
Quoting stevepatt
GB/USD M15 1 MIN Observations before the Fact {image} {image}

GBP//USD Long Trade

The most difficult aspect for me is Timing my Entry.....
Attached Image (click to enlarge)
Click to Enlarge Name: 21ST NOV 23 LONG TRADE GBP_USD_20231121_07.03.png Size: 37 KB
  • #1,722
  • Nov 21, 2023 3:26am Nov 21, 2023 3:26am
Quoting stevepatt
{quote} GBP//USD Long Trade The most difficult aspect for me is Timing my Entry..... {image}
Hi, Steve
Do you use money stop? Can swing low be a safer SL?
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-11-21 18 24 17.png Size: 6 KB
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #1,723
  • Nov 21, 2023 10:27am Nov 21, 2023 10:27am
Quoting stevepatt
{quote} GBP//USD Long Trade The most difficult aspect for me is Timing my Entry..... {image}
GB/USD Long Trade Result BE+

I wasn't around to manage the Trade when I saw it Droing I Exited at BE+

Even if I had put my Stop at the Swing Low I would have still been Exiting

Seeing how Price moved through the Day would you rather be Buying or Selling??
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 21st Nov 23 M15 Observations GBP_USD_20231121_16.12.png Size: 40 KB
Click to Enlarge Name: 21st Nov 23 M1 Observations GBP_USD_20231121_16.28.png Size: 41 KB
  • #1,724
  • Nov 21, 2023 10:43am Nov 21, 2023 10:43am
Quoting heispark
{quote} Hi, Steve Do you use money stop? Can swing low be a safer SL? {image}

Hi Justin,

Even if I had put my Stop at the Swing Low I would have still been getting out at BE+

I find a 10 Pip Stop usually works for me

If Price moves 10 Pips or more against me I am usually on the Wrong Side of Price

You can see today my 10 Stop was safe I was just afraid Price would continue to Drop

Later I would have Re-Entered Long

It's only now that Price is starting to Turn Over to Favour Sells
  • #1,725
  • Nov 21, 2023 11:04am Nov 21, 2023 11:04am
Quoting stevepatt
{quote} GB/USD Long Trade Result BE+ I wasn't around to manage the Trade when I saw it Droing I Exited at BE+ Even if I had put my Stop at the Swing Low I would have still been Exiting Seeing how Price moved through the Day would you rather be Buying or Selling?? {image} {image}

GBP/USD Short Trade
Attached Image (click to enlarge)
Click to Enlarge Name: 21st Nov 23 Short Trade GBP_USD_20231121_17.00.png Size: 41 KB
  • #1,726
  • Nov 22, 2023 1:21am Nov 22, 2023 1:21am
Quoting stevepatt
{quote} GBP/USD Short Trade {image}
GBP/USD Short Trade Result (-10) Pips

GB/USD M15 Observations

I didn;t check Red News

I also Entered Short at a Lower Price than I first Intended

I think, most times, our first Gut Instinct will be the right choice
Attached Image (click to enlarge)
Click to Enlarge Name: 22nd Nov 23 M15 Observations GBP_USD_20231122_07.00.png Size: 37 KB
  • #1,727
  • Nov 23, 2023 12:54am Nov 23, 2023 12:54am
Quoting stevepatt
{quote} GBP/USD Short Trade Result (-10) Pips GB/USD M15 Observations I didn;t check Red News I also Entered Short at a Lower Price than I first Intended I think, most times, our first Gut Instinct will be the right choice {image}
GBP/USA M15 Observations
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 23rd Nov 23 M15 Observations GBP_USD_20231123_06.39.png Size: 30 KB
Click to Enlarge Name: 23rd Nov 23 M1 Observations GBP_USD_20231123_06.46.png Size: 42 KB
  • #1,728
  • Nov 23, 2023 7:20am Nov 23, 2023 7:20am
Quoting stevepatt
{quote} GBP/USA M15 Observations {image} {image}
GBP/USD M15 Observations
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP_USD_20231123_13.05.png23rd Nov 23 M15 Observations .png Size: 35 KB
Click to Enlarge Name: 23rd Nov 23 M1 Observations GBP_USD_20231123_13.15.png Size: 35 KB
  • #1,729
  • Nov 23, 2023 7:50am Nov 23, 2023 7:50am
Quoting stevepatt
{quote} GBP/USD M15 Observations {image} {image}

GB/USD M1 Observations

It is always hard to Time an Entry esecially with such a Tight Stop

It is the Asect of Trading I now need to work on most!!
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd Nov 23 M1 Observations GBP_USD_20231123_13.44.png Size: 38 KB
  • #1,730
  • Nov 23, 2023 8:23am Nov 23, 2023 8:23am
Quoting stevepatt
{quote} GB/USD M1 Observations It is always hard to Time an Entry esecially with such a Tight Stop It is the Asect of Trading I now need to work on most!! {image}

GBP/USD Short Trade

Follow Price not what you want to See....
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd ov 23 Long Trade GBPUSD .png Size: 37 KB
  • #1,731
  • Nov 23, 2023 9:16am Nov 23, 2023 9:16am
Quoting stevepatt
{quote} GBP/USD Short Trade Follow Price not what you want to See.... {image}

GBP/USD Short Trade Result +2 Pips

Price is Failing to make New Lows
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd Nov 23 Short Trade Result GBP_USD_20231123_15.11.png Size: 38 KB
  • #1,732
  • Nov 23, 2023 9:38am Nov 23, 2023 9:38am
Quoting stevepatt
{quote} GBP/USD Short Trade Result +2 Pips Price is Failing to make New Lows {image}

GBP/USD Long Trade
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd Nov 23 Long Trade GBP_USD_20231123_15.33.png Size: 50 KB
  • #1,733
  • Nov 23, 2023 11:47am Nov 23, 2023 11:47am
Quoting stevepatt
{quote} GB/USD M1 Observations It is always hard to Time an Entry esecially with such a Tight Stop It is the Asect of Trading I now need to work on most!! {image}
Hi, Steve
50 and 200 EMA can help?
Attached Image (click to enlarge)
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Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #1,734
  • Edited 12:40pm Nov 23, 2023 12:28pm | Edited 12:40pm
Quoting stevepatt
{quote} GBP/USD Long Trade {image}
Hi, Steve
Sorry for the hindsight commentary but it looks somewhat wired to me. The zone you marked above your entry (1.25400) contains some inefficient areas and engulfing candles. Can you tell me why you didn't take them seriously? Actually, I guess you had to look for sell oppotunity or take profit quickly when you traded based on 1M chart...? Anyway, hindsight is 20-20 vision .....

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.aM1.png Size: 50 KB

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.aM15.png Size: 62 KB
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #1,735
  • Nov 23, 2023 2:02pm Nov 23, 2023 2:02pm
Quoting heispark
{quote} Hi, Steve Sorry for the hindsight commentary but it looks somewhat wired to me. The zone you marked above your entry (1.25400) contains some inefficient areas and engulfing candles. Can you tell me why you didn't take them seriously? Actually, I guess you had to look for sell oppotunity or take profit quickly when you traded based on 1M chart...? Anyway, hindsight is 20-20 vision ..... {image} {image}
Hi Justin,

I hope the Chart clarifies my thoughts
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd Nov 23 M15 Observations GBP_USD_20231123_19.24.png Size: 42 KB
  • #1,736
  • Nov 23, 2023 6:32pm Nov 23, 2023 6:32pm
Quoting stevepatt
{quote} Hi Justin, I hope the Chart clarifies my thoughts {image}
Your original target could be hit sooner or later. I also think you trading hours are often too late (near end of NY session). I know that's because you have a full time job now. When you find more time for trading next year as you said, you may find better opportunities. There were a bunch of good opportunities before your trading. Usually, I finish trading before regular market open (9:30 am NY time). As far as nat gas is concerned, 1-2 hours before the regular open is the best time for trading. One of the reasons I don't like day trading is it requires me to sit for hours watching PC screen. This is especially true if you're 1M trader.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #1,737
  • Edited 1:20am Nov 24, 2023 1:09am | Edited 1:20am
GBP/USD Short Trade
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 24th Nov 23 M15 Observations GBP_USD_20231124_07.00.png Size: 34 KB
Click to Enlarge Name: GBP_USD_20231124_07.05.png24th Nov 23 M1 Short Trade .png Size: 39 KB
  • #1,738
  • Nov 24, 2023 1:14am Nov 24, 2023 1:14am
Quoting stevepatt
FBP/USD Short Trade {image} {image}
In a rush?
  • #1,739
  • Nov 24, 2023 5:31am Nov 24, 2023 5:31am
Quoting stevepatt
GBP/USD Short Trade {image} {image}
Your directional bias was pretty accurate as usual. Seems target was too ambitious..... Good trade anyway.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #1,740
  • Nov 24, 2023 9:49am Nov 24, 2023 9:49am
Quoting stevepatt
GBP/USD Short Trade {image} {image}

GBP/USD Short Trade Result BE+

Trading can get frustrating when you miss the best oportunities
Attached Image (click to enlarge)
Click to Enlarge Name: 24th Nov 23 Short Trade Result GBP_USD_20231124_15.32.png Size: 43 KB
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