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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 3054
Forum Topic:

GBP

Discuss GBP
 
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DaveO
N.Cornwall, UK
Posts: 5733
11 years ago
Sep 19, 2013 17:33
In reply to DaveO's post
I'm hopeless at short term fundamentals because the larger picture gets in my way and I find most the eco stats tell a lie.
DaveO
N.Cornwall, UK
Posts: 5733
11 years ago
Sep 19, 2013 17:12
if you can trade the fundamentals yer better man than I. From my perspective the correlations are constantly changing--no use to me.
DaveO
N.Cornwall, UK
Posts: 5733
11 years ago
Sep 19, 2013 17:09
5994 and 5966 next supports on scalp timeframe.
DaveO
N.Cornwall, UK
Posts: 5733
11 years ago
Sep 19, 2013 16:57
In reply to DaveO's post
exited longs on AU and GU, shorts on UC and EG
DaveO
N.Cornwall, UK
Posts: 5733
11 years ago
Sep 19, 2013 16:54
In reply to DaveO's post
similar approach on eurgbp, usdcad and audusd all of which I exited longs yesterday at specific targets.
DaveO
N.Cornwall, UK
Posts: 5733
11 years ago
Sep 19, 2013 16:52
george, I now have b/e stop at 6102. GU 3 min chart. The trade is a contra trend scalp at this stage, unless and until it turns into something better.
DaveO
N.Cornwall, UK
Posts: 5733
11 years ago
Sep 19, 2013 15:26
In reply to Passion Trader's post
yes I see a count for 1.62 and then maybe 1.64 after a ret. Either way I'm awaiting confirmation of direction for re-entry.
Passion Trader
Singapore, Singapore
Posts: 52
11 years ago
Sep 19, 2013 13:13
In reply to Passion Trader's post
moving my target to 1.62.
DaveO
N.Cornwall, UK
Posts: 5733
11 years ago
Sep 19, 2013 12:34
When I enter a trade I always make the assumption my count is wrong so that I know exactly where to have my stop. I focus far more on protecting my account and minimising losses than on the potential profits. Once the trade is running I am looking to reduce risk as soon as practical. Again I make the assumption my trade might go wrong so I need at least a b/e result or at least some profit on first unit off. My system is pretty rigid and ALWAYS ready to be proved wrong by the mkt.
DaveO
N.Cornwall, UK
Posts: 5733
11 years ago
Sep 19, 2013 12:25
You know I don't top and bottom pick. I have targets for TP's usually playing 3 units and I have my preferred wave count bias for projections and endings.

If I now want to short the GU I will be looking for first move down with first ret up to make lower high. I can then act on that information. I do NOT fade current trends. If a higher high is made then there is no short trade set-up for me and I need to revisit my analysis.
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