EUR/GBP to trade or not to trade

[pentothal]

Hi guys,
my first post on the FX section and probaly 2nd in total
I am long the EUR/GBP, target between 98 and parity.
Stop @ 0.8975
If you look at the movement from an Elliott Wave perspective, it is the last part of a move which began @ 84 in mid june.

BTW, I don't trade intraday (well, I look at it but no scalping) and my position size is 20k so probably not a lot compared to you.

 

[FXSnipe]

All the best in your trade, I'm looking at 0.9150 on EURGBP to be cleared convincingly to go long otherwise my bias is to the short side, I take 1-5 day trades though, with 100-200 pip profit objective

 

[Bigpipn]

Most of the automated systems that trade Eur/Gbp and Eur/chf are channel scalpers. They have horrible risk:reward (5-8:1 risk) Put up an auto-channel and wait for the stochs to roll over and you can mint money on Eur/Gbp.

 

[FXSnipe]

Bigpipn, I can hardly see where the price is on your chart, compounded by the fact that I am colour blind. I only have bar charts in my platform and Im doing just fine

 

[Bigpipn]

Quote from FXSnipe:

Bailed out of EURGBP 150 points, done with trading for this week. Usdoutlaw, we can follow this pair from now if you're game? Im not an intraday trader though.

Nice trade!

 

[Bigpipn]

Quote from FXSnipe:

Bigpipn, I can hardly see where the price is on your chart, compounded by the fact that I am colour blind. I only have bar charts in my platform and Im doing just fine

Glad to hear that, I'd like to trade without indicators but I guess I'm not quite there yet, especially on Eur/Gbp and Eur/chf.

Here is a clearer picture for you.

 

[FXSnipe]

I do not think its hard to trade without indicators,all you need to do is zoom out to weekly charts, and zoom in to daily charts and 4hr or 1hr. I actually think its much simpler than using indicators, using inidicators is hard!! I do not trade anything less than 4hr charts as I tend to look for 1-5 day trades and I do not want go in and out of trades all the time.

 

[usdoutlaw]

Quote from FXSnipe:

Bailed out of EURGBP 150 points, done with trading for this week. Usdoutlaw, we can follow this pair from now if you're game? Im not an intraday trader though.

sure ... I will trade this again soon

 

[usdoutlaw]

As For Long Term Trades ...

They just eat up valuable equity << imo

I like it short and sweeeeet

 

[FXSnipe]

Got big respect for you USDoutlaw and all the other intra-day traders I tried intra-day trading in FX and I couldn't make it work, I would accumulate a lot of pips early in the week BUT by the end of the wek I would have lost it all, the following week the same would happen it was just too frustrating to bear. Enought about me , got an order at 0.8987 to go short