Caught in gbpusd with large short position.

Thanks everyone so much!
So far I see here several ideas for going up and going down:
Up:
- long term GBP will go up?

Down:
- retrace on sma200@4h
- retailers are not ready (sentiment on fxblue shows that only 20% are long.

As of my strategy, I really think to have one but it lost some money a few days ago and I started to try to get it back with manual trades... Basically, it's a lack of discipline. :(


So what more reasons(ideas) can we collect here for GBP to go up and down?
 
hanneswas said:
As of my strategy, I really think to have one but it lost some money a few days ago...
More...
Were you doing automated trading using an EA?

hanneswas said:
I started to try to get it back with manual trades...
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OK but clearly you'll need to have some risk management in place so that the draw down does not get out of control? 20% in just 2 trades is way too much.
 
you traded 4 lots.
you need you seriously review how many lots you can trade.

You should have longed gbp


day chart shows GBP is not really trending. it is moving in a range.

last Friday, GBP and AUD were up significantly ( 160 pips for gbp).
This is quite rare as currencies tend to move just a little.

currencies tend not to move for > 1 day in a row.
so you might be able to minimize your loss / reduce your position
next week.
 
Last edited:
hanneswas said:
I have 2 positions in gbpusd
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Forex Position Size Calculator
https://www.cashbackforex.com/article/money-management

delete pscr.jpg
 
last Fri, gbp and aud were up most likely due to the bullish European stock market

now gbp and aud going down due to the bearish European stock market.
how far will it go? no idea.
 
maxinger said:
last Fri, gbp and aud were up most likely due to the bullish European stock market

now gbp and aud going down due to the bearish European stock market.
how far will it go? no idea.
More...

gbp - up it goes as the European index futures are going up.
 
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