Its all kicking off here in London this morning! GBP is in free fall again against JPY/USD, took some nice profit in the night. They are both horrendously oversold so I'm looking at other pairs. GBPAUD looks like it may have some scope for a nice move down. USDCAD is on the charge! And finally we are within 20 pips off the lower trend line for EURUSD, I have a feeling It might break through the other side today. A tumbling pound isn't good for the Euro.
Forex Made Millionaire Thread for Blog Swing Trades
- #1,424
- Feb 24, 2016 4:22am Feb 24, 2016 4:22am
Just closed all my gbpyjpy shorts, @ 155.50. nicely in profit. It looks like its got a bit more steam to it. but im just going to wait on the sidelines for now. Thanks geppy and all for making this a great community.
- #1,430
- Feb 24, 2016 7:36am Feb 24, 2016 7:36am
- Joined Jul 2015 | Status: Trader | 2,762 Posts
{quote} well, on average its about 300 to 500 pips in a trending day so I guess if it will really break maybe about one to two weeks to get into the first tgt of 154ish , I have my alerts set there at 163.80ishCheers Al.
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
- #1,431
- Feb 24, 2016 7:44am Feb 24, 2016 7:44am
- | Membership Revoked | Joined Sep 2015 | 1,961 Posts
{quote} In what context? It could be "prime minister", "private message", "post meridiem" or a gazillion other things
- #1,432
- Feb 24, 2016 7:46am Feb 24, 2016 7:46am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
check out my blog: forexmademillionaire dot com
- #1,433
- Feb 24, 2016 8:11am Feb 24, 2016 8:11am
Good morning, all. I'm adding a bit to my GBP/JPY and GBP/USD shorts here. Not much, just rebuilding my position slowly. I know it feels oversold, but the trend is still very much down. So I'll keep riding it until it tells me it has had enough.
I often miss my trade trains because I wait for that perfect retracement or perfect level, so cudos Geppy.
Another lesson to learn.
UCad I'm taking longs off of 1.3770. The bear case is good but the fact that 1.3660 held twice and the weekly is looking a little exhausted and it looks like a channel is developing makes me feel as if the short bear case isn't good enough. If price gets below 1.3660 i think there'll be a good case for more shorts but for now i feel like UCad is in bull territory. Edit: Took a Long @1.37731 Edit 2: On a side note, GJ is still tumbling lower $$
Prior to this i was short Ucad with 2 positions. I got taken out on those with a net -8 pips (+12 on the original, -20 on the addon).
I am still short GJ. Last week i took 3/4ths off the table via a position close and a group stop.
4 out of 6 made it to my target without getting stopped.
I closed the 1 closest to price and moved my stop forward on all three remaining last friday.
This week i've added on 2 trades at breakouts of consolidation.
Now i have 6 trades open all the same size. Works out to 2596 total pips (including the losses) if i were to TP @ 156.
Sometimes i get in my emotions when i get to around 5 positions. I may randomly close these positions today with all this talk of retrace lol.
I've moved the stop to just above 157.
Also, currently have 2 shorts on the EU and 3 Shorts on UJ.
{quote} The GBPUSD is retracing now, you entering now tells me you care little about perfect entry points
Don't worry too much about where you enter. If you look at my trades you'll see that on the EU, Ucad, UJ, and GJ the 1st position was stopped out but yet i'm still able to net positive pips. Just follow a set of rules for entry that due to your analysis, you can stand behind without second guessing yourself. Just know that you will eventually catch the trade if you follow the daily/weekly and enter in that direction on the lower timeframes.
- #1,437
- Feb 24, 2016 8:27am Feb 24, 2016 8:27am
{quote} Hey Sulik, Don't worry too much about where you enter. If you look at my trades you'll see that on the EU, Ucad, UJ, and GJ the 1st position was stopped out but yet i'm still able to net positive pips. Just follow a set of rules for entry that due to your analysis, you can stand behind without second guessing yourself. Just know that you will eventually catch the trade if you follow the daily/weekly and enter in that direction on the lower timeframes.
. This can get very exhausting, so I'd like my entry points to be as perfect as possible.
- #1,440
- Feb 24, 2016 8:52am Feb 24, 2016 8:52am
- Joined Feb 2016 | Status: Trader | 2,511 Posts
{quote} Looks like I'm under attack , still holding those usdcad shorts , 138.20 not breached yet .The retrace on gbp pairs well due as oversold in my opinion.
V
Precise Execution!