Feedback on GBP/USD

Hi,

I entered a long trade today on GBP/USD to only see the share price tank. At the moment, I am down 140 points. Does anyone have any predictions for the GBP/USD pair, as otherwise, I will have to sell at a large loss.

Regards Pari.

Pari123 said:

Hi,

I entered a long trade today on GBP/USD to only see the share price tank. At the moment, I am down 140 points. Does anyone have any predictions for the GBP/USD pair, as otherwise, I will have to sell at a large loss.

Regards Pari.

Click to expand...

Hi Pari123,
sorry to hear you are in a bit of a tight stop.

It sounds as if you have not planned your trade, but rather have taken just a punt. Ask yourself, when looking at the chart, why you decided to buy. And also ask yourself at which price level you will have to admit that you were wrong, and then close at that level.

Most likely, it might be a good idea for you to close the trade immediately, and then review what you did and see what lessons you can learn from this experience.

Do not simply hold onto the trade hoping it will turn around. Yes it could trade up to 1.50 by the end of the week, or it could fall down to 1.35. But you should only be in the market if you are adequately prepared.

Hope that helps a little.

Thank you George,

Actually I got the tip from a subscription I had literally just started. It also did not mention a SL, so my fault really.

Yes, I am in a position to close the trade but was hoping if anyone could actually advise if at least there is a chance that the price could goup 50 per cent today and hence save some losses for me.

If anyone has any other suggestions I would be grateful if you could please advise.
Regards Pari.

Pari123 said:

Hi,

I entered a long trade today on GBP/USD to only see the share price tank. At the moment, I am down 140 points. Does anyone have any predictions for the GBP/USD pair, as otherwise, I will have to sell at a large loss.

Regards Pari.

Click to expand...

here is the last long term prediction i made on gu

this is my current one.

The financial news out from GB has been poor so that corresponds to a weak GBP. Not likely to get much better anytime soon.

Your first mistake was taking advice from a tip sheet, 2nd mistake was asking for advice here for direction of GBP. Learn from your mistakes...Take advice frome no one...do your OWN analysis and always use stop losses.

Peter

I think GBP/USD might climb back to 1.4180 - 1.4200, the question is whether this is the end of the bearish trend.