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Trading idea for GBP/USD.

Bought @ 1321.75, Stop @ 1304.25

The status quo is as such: We are in a range and a resolution will be a great entry opportunity for the next trend (or momentum play). Anyone already positioned, or holding off until a decision is presented by the market?

I sign on every afternoon (EST) whenever I remember to. Drop me a line, and I'll connect, or at least reply if I can't.

I'm not really waiting for anything, as I firmly believe that we are in a long-term uptrend. I was foolish to try shorts in the middle of an uptrend because I still applied the old tactics while the focus has already been on the Rainbow Moving Averages. Moreover, I was too passive to jump in at...

As promised, attached you find a screenshot that hopefully illustrates my thoughts. If you look at a trend, you will notice how certain lows are being violated all the time, while others are not. This happens within the distinct definition of trend theory, that distinguish uptrends (sequence of...

Hi gmst, I wouldn't be too aggressive shorting. It is indeed an opportunity, but not a lasting one. I don't see the decisive turnaround quite yet, because the Rainbow Moving Averages are still showing price in a healthy retreat. The way I currently see the market is a letting go of air in a hot...

Any resolution?

It's impressive how I missed out on the recent 100pt upmove ... :)

Thanks for your comments. The ES was rallying up so fast, it promptly stopped me out of my position. I would call this one of the dumbest trades I did in a long time by shorting support. Only back home with proper charting, I see how the actual support area was 1352 in ES, not 55. Total...

Short @ 1356.25, Stop @ 1366.00 It's time to short again. We are back to the ubiquitous resistance area near 1370 (see weekly chart for your reference), precisely the level we touched on May 3, 2011. Now I'm observing how bulls are being rejected a second time (02/20 and 02/24), which...

One very inspiring framework I came across is how the market is seen in terms of energy. I'd certainly love to learn more about this, but there is only a short snippet of thought (with hopefully more elaborate thoughts to come): http://thisisbigger.com/2011/12/09/the-market-is-energy/

We always get to hear about "finding our own way" in trading and doing what "fits our personality". I believe that these words go much deeper than learning by doing. I observe a tendency among successful traders toward having a general theory of why the market does what it does. I recognize a...

Not immediately trading related, but two books that deeply influenced my thinking of how trends in human behavior (and the entire world for that matter) work: Ubiquity by Mark Buchanan The Tipping Point by Malcolm Gladwell

Close to perfection :) In my opinion, this is the sole way of consistent trading because you do what the market does and what it tells you to do (such as where to put the stop). It is objective, and it is an everlasting way to trade. Gone are the subjective methods of 2 tick stops and 3pts...

That is a problem I would rarely encounter because I don't take note of candle formations, and we are able to identify a valid swing fairly accurately. I look at this whole thing differently. If you take into account the size of a swing of roughly 30pts up and down, you are in a much better...

I'd like to remind you of the IRC channel I opened a few months ago. I'll be available to chat in the afternoon session and would love to see it turn into a lively place purely for trend following. Please find the channel on OtherNet IRC #ES

Support and resistance to me is a visibly determinable area in which a break would lead to a shift in authority. Bulls would surrender and yield to the bears if support is broken, and bears would surrender and yield to the bulls if resistance is broken. The losing side will only enter the market...

Thanks, luisHK. We have to understand that a breakout is a breakout. Plenty of market participants will be rushing to enter the market or reversing their losing trade. Just as it's nonsensical to trade against this stampede, I don't believe in holding off and waiting for price to come back...

False breakouts cannot be entirely avoided. They happen, and it happened on my last trade, too. But I avoid trading a breakout while the market has been in an uptrend for an extended period already. Take a breakout when the market is shifting from a bearish to a bullish move. And take breakdowns...