GBP/USD Trading

[increasenow]

read this: http://www.kathylien.com/site/day-trading-currency/explosion-in-forex-trading-ranges

 

[euclid]

Quote from increasenow:

what FX crosses do you daytrade?

Primarily EURUSD, GBPUSD, AUDUSD, USDCHF, USDJPY, USDCAD but also CHF and JPY crosses.

 

[increasenow]

Quote from euclid:

Primarily EURUSD, GBPUSD, AUDUSD, USDCHF, USDJPY, USDCAD but also CHF and JPY crosses.

what do you know about or have you traded the EUR/JPY at all?

 

[euclid]

Quote from increasenow:

what do you know about or have you traded the EUR/JPY at all?

It's just like any other pair.

 

[joemiami]

I trade the GBP/USD almost exclusively. Today, you should have made at least 200 pips with the big moves it was making. Had you been on a 10 or 15 chart you would have made alot more than a paltry 22 pips.....

 

[increasenow]

Quote from joemiami:

I trade the GBP/USD almost exclusively. Today, you should have made at least 200 pips with the big moves it was making. Had you been on a 10 or 15 chart you would have made alot more than a paltry 22 pips.....

hmmm..interesting post...please explain as to why a 10 or 15 minute chart is better than the 5 minute I usually use?...please share your insight on this as to GBP/USD trading...thanks...

 

[joemiami]

On a 10-15 min time frame with 3-5 min time frame for entry along with use of fibs/pivot points, you would give yourself the opportunity to ride the market for a longer period of time, hence the more pips you make

 

[increasenow]

Quote from joemiami:

On a 10-15 min time frame with 3-5 min time frame for entry along with use of fibs, you would give yourself the opportunity to ride the market for a longer period of time, hence the more pips you make

thanks...on the fibs...from what high to low do you use...meaning...from high after a certain time in the morning or a weekly, daily?...to keep it current enought to be relevant etc.

 

[joemiami]

I set the fibs on hourly chart in the morning..using the high of the day( about 3-4am eastern time) down to the low of the day(about 8-9 am eastern time).

 

[increasenow]

Quote from joemiami:

I set the fibs on hourly chart in the morning..using the high of the day( about 3-4am eastern time) down to the low of the day(about 8-9 am eastern time).

thanks man...cool stuff...what % of the time would you say it sticks within the fib retracement levels?meaning provides some pretty good boundaries if you will...