EURUSD 1.1851 |
USDJPY 111.52 |
GBPUSD 1.3772 |
AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
Gold has repeated this monthly pattern 8 times over the past 17 years. Watch now.
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somehow i feel the same, but many times thats what they want us to feel. i took peanut profits on gbp yesterday as i was looking for a break of 1.5150. i am not very confidant with GBP short right now but what actually happens is yet to be seen will move my sl above the recent 1.53 highs if taken out i wont be trading this short untill 1.537 or breach of 1.5150.
Thanks a lot, i love these forums.
I am short aswell from 1.5275 sl 1.53255 above the last time we crossed 1.53 and if taken out that means the market will try for 1.5370 and than i can have a better chance to reevaluate price behavior and also will have the opportunity to short at a much better price. Trading 1.53 gbp i believe we should keep tight sl. Why are you risking 100+ pips. SL in this case is not to avoid any loss but to reenter at a better price.thats my take on the short gbp as GBP is respecting 1.53 we should take advantage.
one thing i can think of why you keeping large sl is that you are afraid of a impulsive move i have following points for you to scratch your mind and think.
1. Is 1.53 a solid resistance level.
2. Can i reenter again if hit at 1.5325 on the resumption of down trend. as all i loose is 40 pips max for a good 200 pips risk reward ratio and the best chance is i may get 40 pips extra by entering short at 1.5370 with 1.54 stops. Total risk is 70 pips and not 120 pips in addition i am giving you a chance to get 40 extra pips.
1. Follow ashraf
2. Keep good margins if you are following him.e.g 1000 $ for one mini lot.
3. Keep your focus on the existing trend.
4. Dont listen to market rhetoric.
5. Prices respect the support and resistance levels and so should we.
6. You cannot earn every day.
7. Seasonal price action behavior such as high yields from march to june as Ashraf said.
3
The consolidation you are talking about is similiar to what happened bw 1.63 and 1.59 before we had a big downside in gbp. certainly in fx you cant rule out anything but i still favour the downside. i will be more sure of an uptrend if the consolidation was at 1.48 to 1.50 but consolidation at the top of the present range means more downside chances than upside.
one more thing even if you are right i will wait till i get a weekly close above 1.53 for going long and in the process if you earn a 100 pips more i will give that to you but i dont agree taking a chance till we have a technical break out. its good to think ahead of the fx market but in way we have seen a bottom in gbp and with elections in may you sure will see a quick downside soon.
Salaam, i just observed one more thing in GBP remeber guys not so long ago gbp price action bw 1.63 and 1.59 is very similiar to whats happening right now so selling at 1.5280 and you can ride this bad baby all the way to 1.44 which i think is just a matter of days next week most probably, as it has consolidated long enough bw 1.53 and 1.51 6th day to be exact.