GBPUSD thoughts

[willoneau]

Long and short at moment waiting to see direction?

 

[Triple B]

looks like support on 200ma 5min.

 

[willoneau]

looks like support on 200ma 5min.

Time will tell

 

[willoneau]

Slippage caused my short entry to be outside my risk parameters, not happy about it but part of the game.

 

[willoneau]

Close short x 1 position
13pip loss.

 

[willoneau]

Exit short position x1,
25 pips loss

 

[willoneau]

Close long positions, 2893
11pips profit
11pips profit

 

[willoneau]

Enter short position x2 2892

 

[willoneau]

Did not want to apply daily loss stop with these 100 trades as i wanted the numbers warts and all! can do that with tiny account

If daily stop part of plan needs to be included as it affects results.

 

[willoneau]

How are you looking at moment Triple B long or short?

 

[Triple B]

Short gold. just broke below $1200 Just looking back through stats . Seems my 3 months straight trading goldbefore these fx trades may have been worth while. most of my profit including the last week of losses has come from Gold trades. if it was not for these my stats would be terrible and in loss overall . This is good. i like trading gold. Can maybe look at testing across multi timeframes and a few entry types. get some awesome moves too. the FX alone is just not happening for me . will post stats later in week in the 45entries thread. might even post tonight and you will see what i mean

 

[willoneau]

If you like gold thought about trading against currency?

 

[Triple B]

Yes gold is against USD .ie XAU / USD (AU) is element symbol for Gold.
Can also trade against AUD but I have not tried that yet. Gold moves correlated to EUR/ USD and also to GBP USD to a lesser degree. think of it as another currency . Thats really the original currency. The US FED has about 8000 ton of gold. Its their hedge against the USD tanking.
Some of my best long trades on gold are when the stock markets "correct" its almost as if it moves a day late . I have waited weeks for it to move and then BANG off it goes. It also can go on long trends for weeks to months.
just as you are concentrating on GBP/ USD I focused on gold for the last few months. You learn how the pair move and respect levels etc. If you concentrate on one pair you can become good at that pair I believe.

 

[Triple B]

I should add thats Spot gold Ive been trading not Futures or the physical metal

 

[willoneau]

I like to think so too

 

[willoneau]

Close x 1 short 2897,
5.3 pips loss

 

[willoneau]

Exit market 2911
19 pips loss

 

[andymac]

hi guys good work please keep going i am enjoying this and although i prob can't keep your pace will endeavour to add. do you watch USDX while your trading.

 

[willoneau]

Hi andymac I only watch GBPUSD when trading it less chance of outside influences

 

[willoneau]

I used to trade other currencies at same time but with the correlations I found my risk was blowing out