GBPUSD

Pin Bar on 1hr chart. Entered long 1.7456 SL:1.7430 TP: open. Might see a rally by cable before US PPI.

http://www.forexfactory.com/forexfor...tid=1518&stc=1

1.7731 resistance taken out. Next target is 1.7800-15.

http://www.forexfactory.com/forexfor...tid=1576&stc=1

Looks like a falling wedge (reversal pattern) on cable. We might see a retracement to the breakout level before heading up. We might see 1.8000 on tomorrow (Friday).

http://www.forexfactory.com/forexfor...tid=1577&stc=1

I'm new to chart pattern recognition, so please correct me if I'm wrong.

Thanx
Habeeb

I agree. Target around the R2 @ 1.7820 might also be hit.

I originally posted this in reply to your question on the DOC thread as to why thinking short @ the R1 level. Then I realized it was the journal section, so I pulled the post. Anyway, I posted this in real-time on another forum ( can't link directly as it a subscription members only). I saw the completion of a measured move & triangle ( plus Friday) as good reason to go short. I entered just below point 4 after it was touched. This gave me a tight SL & a high probabilty trade to at least bottom of the triangle. Am still in this move, after reducing size @ 650

http://img472.imageshack.us/img472/5...down4pr.th.jpg

Cable testing important S/R zone @ 814 -800. Confluence of lower fib on Oct H/L swing, prev S/R on daily from 31/08 & 6/10 and a prime - 800. Pin bar setting up on 3hr

http://img475.imageshack.us/img475/2...le270se.th.jpg

Entered short @ 36 off failure to break 50. Scaled out 29 & 12. Short again @ 23 off the predicatable bounce on test of 800. Target met @ 810 ( actually would have scaled here and let remainder run for a test of 800, but forgot to set a buy 'cause typing this) Looking for a re-entry off lower bounce.

http://img458.imageshack.us/img458/2...e27o2kf.th.jpg

what a uncommon action. GBP is traded in 60 pips range so far. everyone's eye to the GDP numbers

Looks like cable is being squeezed in a rising-wedge. Today's daily pivot is playing good support, and the bottom trendline has been good support too. If we see a close below this trendline, we might be heading down again.

http://www.forexfactory.com/forexfor...tid=1770&stc=1

I know Jim is gonna freak out when he reads this , but, does anyone else play the pin-bar on the 5min chart too? So far this trade is 10 pips in profit already, and stop is moved to B/E now. Enterd at 1.7807, stop 1.7796, limit = 1 million .

Okay, I have to admit, I didn't just jump in. Although it was the 5min chart, it was also the low of the day. Price could've gone lower, but it was a pin bar, you know, which came off a 38 fibo (1.7632 - 1.7902), not shown on this chart.

http://www.forexfactory.com/forexfor...tid=1771&stc=1

28th October 2005, 12:30 noon EST

Perhaps a nice short opportunity off the GBPUSD 4H chart? a Rising Wedge breakout as price re-tested the long tern down trend. The run, according to the wedge's width, should be of 250'ish pips where there is to meet an upcoming up trend (it's a Fan trendline) from the weekly chart.

Cheers.

31st October 2005, 9:15 am EST.

The ascending wedge breakout has been confirmed by a massive pin bar on the 4H char, which retested the wedge bottom to the pip.

Already 60'ish pips my way (I moved stop loss to B/E for my own peace of mind) and holding the short position.

Nice going WTB . I entered that trade on the 15 min chart. Pin bar at the top too. I closed half my positions after 30 pips, and eventually closed the other half when nothing was happenning. How do you go about with your exits?

Happy trading
Habeeb

I was mad when I took profit 50 pips and later it collapsed by 120 pips. Oh I anticipated that. I hurried. I also liquidated my position at USD/CAD at 1.7770 (I entered at 1.7703) later it went to 1.1833. I entered at EUR/GBP and took only 15 pips later it collapsed by 30.

however I made as I planned. I planned to get minimum 100 pips and I got 127

777,
127 pips in a day ... that's great man. How many lots do you open per trade. I've just started to open trades with 2 lots. When the trade is in profit I close 1 lot, move stop to breakeven, and let the other lot run.

Very simple: I mess around with them the least possible!

After doing my technical analysis off the 4H and 30min charts for the entry, I enter a possition, set my SL and a relatively conservative target price. Once the trade has moved around 40 pips my way (like in this case), I move stop to B/E. Then, I manually trail my stop 5 pips over the last retrace's peak, until a new fibonnaci ratrace occurs and I trail again the stop forward. And so on until the target is met or the stop is met.

I have come to the conclusion, after many would-be-successful-trades-gone-wrong-because-of-second-thoughts-once-in-the-trade, that usually it's best to leave your original tech analysis intact. So I try to get away from the trading station once a trade is entered in order to keep greed/fear at bay. I only check the screen every now and then to see whether a new retrace swing has been completed in order to trail my stop. That is all.

PS: Right now, around 100 pips profit on that GBP wedge breakout. Still in the trade.

GBP/USD pair has formed a group of strong patterns. A long-term down movement will appear. If you want to win you should sell (of course according to your own analysis)

I have read: Never measure profits in time. I have gained 127 a day. but two days left I did not make any trade, because market does not offer good moves currently.

I enter with one lot and if price goes to my direction I build pyramid, I add gradually to my position. I always try to enter several pairs (volatile and less volatile pairs, or crosses and USD pairs).

Thanks,

Point noted, thanx.


Do you find using the pyramid method better than openning many lots at the start?

If you want safe way to win pyramid is the appropriate thing. If you want big profit fast (but fast and big loss if stop is triggered) you 'd better enter with larger lots. But it depends on how much is your margin. If you have 100 000 initial deposit I think 2, 4 or 5 lots is not dangerous (100K).

But pyramid is good if you have clear signals of trend continuetion. adding your position means that BE comes nearer and nearer and your stop can be triggered if you are trading during rangebound market.

3rd of November 2005, 12:10 noon EST.

Well, it's been a week more less since the raising wedge breakout I posted (check post #189) and it seems like the breakout down move has somewhat fizzled.

It all went wrong yesterday when the retracement consolidation range that had been happening within the larger descending channel brokeout to the wrong side (check picture attached). It should have broken down following the down move, but instead it vigorously broke up.

Ever since, price has been butting around sideways and I am unsure of the position's direction, so I reckon it's time to close it while in profit (+80'ish pips right now). So, even though I have my stop safely placed at B/E, I cannot justify remaining in the trade as I can't clearly see the pattern picture anymore. I'm banking the pips and reloading the gun till the next oportunity!

Oh well...