short on gbpusd
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10sma on Weekly Chart System 38 replies
Trading with a 10SMA 4 replies
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DislikedFriday Update: Increased my account by 13% this week trading this method, that's including a 1% SL hit on a GBPCAD trade( only loss this week). I still have 2 runners, the AUDCHF and EURAUD, most of the lots on these trades were already closed out but a portion was left on well beyond BE.
Good Weekend to EveryoneIgnored
DislikedOn my chart as you can see the long candle closed above the 10sma and my 200sma. I waited for price to back up for a better entry. You can look left on my chart and see this has been s/r area in the past so I went long on this pair. We will see where it goes from here. This may or may not work but that is my thought process for entering this trade.Ignored
DislikedI hope everyone had a great weekend and ready to make some pips this week!!Ignored
DislikedHi bkg...
If you got a chance, please have a look at GBP/USD. In my chart it is below SMA10 and SMA200, what do you think? Please let me know your opinion. Thanks... http://www.forexfactory.com/images/editor/smilie.gifIgnored
DislikedSo looking at the e/u now, 3-4-12 what are your feelings? It has been below 10 ema for a few days...1.3163 support or so and the gap there on the 4 hour chart, when would you take this trade if at all?Ignored
DislikedHi Guys,
I like the look of the GU and have shorted.
It opened below the 10 SMA and 200 SMA, looks to be heading south to test the 1.5646 support.
Cheers,
MiikeIgnored
DislikedHi Miike,
Before express my idea, i would emphasize i am not a good trader so far. The following is just my 2 cents.
For the GU pair, I am also looking at this pair, however i would want to look a bit long.
Reason:
1) Daily trend up (higher high, lower low)
2) Weekly ranging, however, last week close above 1.5829, actually 2/27, 2/28 and Friday all close above 1.5829. If it close more below 1.5826, i would feel better. At this time, i would assume the 1.5829 is a support, i don't see a close below it
3)Today is Monday, whether...Ignored
DislikedThanks for you tips.
There is always analysis that you can apply which will contradict any position. If you use other analysis as indicators against this system which does not use them, you are not going to have any consistency with your trading.
Given the conditions of this strategy, I see going short a valid trade.
If it goes well or not if up to the market. All I can do is make sure I have used the strategy correctly, implemented good MM and monitor for any unexpected events for a reversal.
Currently heading down and is +19 pips....Ignored
DislikedHi Mike,
Basically, i agree with your analysis.
I may express my idea a bit not clear. Actually, i follow this thread's rule.
To my understanding for this system, two criterias should be matched:
1)Candle closed below daily candle (Down case). This is a perfect match
What would cause argument would be the second issue
2) Sell at resistance, while buy at support
I would take the 1.5826 as a big support. I.e. this is a sell at support to what i think.
I don't want to argue you are not correct to put this entry, i just put my...Ignored
Dislikedmiike.......i am using bks alert inducator arrow downpn my chart and email . also using the ea for s/r.........
Would you mind posting you s/r inducator .. i do not have a good one ,,,,,,,,,,thanks TexanIgnored