GBP/USD, and that gentle folk, is why you should use stops

More like - why you don't trade important figures when the market has unrealistic expectations.
 
190 pip sell off, maybe cos of the GDP preliminary wasn't so good?

this is great learning for me, i was finding out last night which news brings the most efect on cable
 
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Very valid point above
we also had a another indicator which kept me ou of the market


The Long-legged Doji is composed of long upper and lower shadows. Throughout the time period, the price moved up and down dramatically before it closed at or very near the opening price. This reflects the great indecision that exists between the bulls and the bears.

Long-legged Doji


Trading during major news is more of a gamble you miss out on the big moves.

Better to be out of a trade wishing you were in Than being in a trade wishing you were out.
 
true. but some people can make a lot from trading news, damn though i never thought i'd see a near 200 pips sell off on the 5 minute chart , on the daily was enough! still, i think trading news can be effective and im backtesting 50 pips S/L with 100 pip TP with such big news events when they are strongly positive/negative. still, i don't think i could have caught this one, dayum
 
"Better to be out of a trade wishing you were in Than being in a trade wishing you were out."

I wish I found these thing easier to put into practice.
 
Very valid point above
we also had a another indicator which kept me ou of the market


The Long-legged Doji is composed of long upper and lower shadows. Throughout the time period, the price moved up and down dramatically before it closed at or very near the opening price. This reflects the great indecision that exists between the bulls and the bears.

Long-legged Doji


Trading during major news is more of a gamble you miss out on the big moves.

Better to be out of a trade wishing you were in Than being in a trade wishing you were out.[/QUOTE]

Stops and limits (and or trailing losses are) (IMHO) the only way to trade. Unless you're scalping I've never understood any valid reason against the extra couple of pips cost...D'ya know, I could see that my pairs charts were 'odd' yesterday, not just GBP...perhaps a precursor? I'm gonna keep sitting on my hands on GBP pairs...perhaps until Monday....
 
Very valid point above
we also had a another indicator which kept me ou of the market


The Long-legged Doji is composed of long upper and lower shadows. Throughout the time period, the price moved up and down dramatically before it closed at or very near the opening price. This reflects the great indecision that exists between the bulls and the bears.

Long-legged Doji


Trading during major news is more of a gamble you miss out on the big moves.

Better to be out of a trade wishing you were in Than being in a trade wishing you were out.[/QUOTE]

Stops and limits (and or trailing losses are) (IMHO) the only way to trade. Unless you're scalping I've never understood any valid reason against the extra couple of pips cost...D'ya know, I could see that my pairs charts were 'odd' yesterday, not just GBP...perhaps a precursor? I'm gonna keep sitting on my hands on GBP pairs...perhaps until Monday....


Even with all the technical analysis help, the final move is an mix of instinct and gut feeling.
but like you say there was an uneasy feel all day yesterday which finally resulted in that doji.
 
These rumours I never seem to get in on the act . :rolleyes:
How does one get to be invited to them?

I confess that I am not a cable trader so am in the same boat as you. Nevertheless, on a 5M chart, the signs were there before 0915----or is that hindsight. :)
 
I confess that I am not a cable trader so am in the same boat as you. Nevertheless, on a 5M chart, the signs were there before 0915----or is that hindsight. :)

There were no signs - you're dealing with a huge variable. Imperfect information means the market won't know till everyone knows. Anything prior to the event is just BS.
 
Man of little faith! BS baffles brains. That's why there is so much of it lying around.

There was selling before the news, I'm just sorry that I wasn't doing that one. :)
 
I confess that I am not a cable trader so am in the same boat as you. Nevertheless, on a 5M chart, the signs were there before 0915----or is that hindsight. :)

I think the 5 min chart is too short a time span to give any real indication.
The only sign that I saw was the daily which opened and closed at the same price and gave a signal of uncertainty.
This would have helped one stay out of the market but not take advantage of the huge drop.
 
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Must pay attention neil

The hourly Cable ( I got stopped out via IG's guaranteed stops but I should know better than not checking for important news
and 5 Minute Cable for the scalpers here)
 

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I was short from 9.25am when it went through 16620, guaranteed stop 15 points above, worked out nicely.
 
Mods, I've posted this in the wrong forum, shouldn't be in journals, can we move it to general trading? TIA
 
Even with all the technical analysis help, the final move is an mix of instinct and gut feeling.
but like you say there was an uneasy feel all day yesterday which finally resulted in that doji.

From the beginning of the collapse at approx. nine, until 9:30, there was still a huge window...even shorting at 9:45 still left a lot of pips available across the 3 main GBP pairs. Two problems; firstly I wasn't around to take it (makes mental note to self to look into EAs) and secondly I find if you're in a swing trade mentality then these sudden movements often leave you paralyzed with indecision... I need to work on that...:)
 
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