GBP/USD trading
- Thread starter nik1033
- Start date
hi DrEvil,
perhaps you're right about similar trade setups.
basically i look for all my trades setups on a daily chart and refine my entry/exit points based on a 4-hr chart.
i strictly trade off of price and use no indicators. i am conscious of support/resistance areas and of course general direction/trend.
because of this i tend to be in trades for a few hours to a few days at a time. i think it's fair to say that my approach is a swing trading method.
by the way, i'm still holding onto my short although it's starting to look weak...especially after the NFP report this morning. if i cover my position before it reaches the stop/limit areas i'll post.
perhaps you're right about similar trade setups.
basically i look for all my trades setups on a daily chart and refine my entry/exit points based on a 4-hr chart.
i strictly trade off of price and use no indicators. i am conscious of support/resistance areas and of course general direction/trend.
because of this i tend to be in trades for a few hours to a few days at a time. i think it's fair to say that my approach is a swing trading method.
by the way, i'm still holding onto my short although it's starting to look weak...especially after the NFP report this morning. if i cover my position before it reaches the stop/limit areas i'll post.
well, i disagree in the asesssment of the range. the way i see it (on a daily) it's actual underneath the range which means the bottom of the range is now acting as resistance.
so based on that viewpoint i'm assuming it will hold and will give me a chance to gun for the target i noted in my earlier post. it is admittedly a momentum/swing trade so even if overall there might be grander upward bias for the pair, shorter term i believe it may have one last breath of a move down.
only time will tell.
Quote from siki13:
I dont know what you looking at but you
shorted exact bottom of the range
Not only hour time frame but if you looking day chart last 3 months you succeeded to short that bottom range
also
hi, i think i see what you're referring to. i believe you're taking the price action back on Jan 8th as defining the bottom of the range.
yes, if that's how you're defining the range then i'm short at the bottom.
i've defined the range differently though which is what is contributing to our difference of opinion. for me personally, the range was defined by the cluster of price action at roughly the 1.9450 area.
i'm prepared to take a loss on this trade but based on my risk tolerance it still seems worthwhile for me to stay in...for now.
i can't wait to see how the new week develops. why do we have weekends? hahaha...
like Surdo said..."that's what makes markets."