GBPUSD action today

[scholfield]

Been a bit busy.

August finished with +70 pips for the month. Positive at least...

so far then:
April was the worst so far at just +40 pips for the whole month.
March was +140
May +120
June +220
July +60
August +70
--------------------------------

I must admit, I'm actually pleasently suprised at the consistency, although I would need to be trading at pretty big damn stakes to actually make any decent money from my trading (asuming that the results aren't just luck)

Lets see how we get on this month.
Currently +40

 

[scholfield]

Been a bit busy.

August finished with +70 pips for the month. Positive at least...

so far then:
April was the worst so far at just +40 pips for the whole month.
March was +140
May +120
June +220
July +60
August +70
--------------------------------

I must admit, I'm actually pleasently suprised at the consistency, although I would need to be trading at pretty big damn stakes to actually make any decent money from my trading (asuming that the results aren't just luck)

Lets see how we get on this month.
Currently +40

This month now currently stands at +120 pips.

 

[Coleen]

Gbp/usd 09.28.2012

Today we can see that the price has stroke downstream strong support line 1.6235.
It says that after slight changing the price is going to go to the rate downstream,
after which it will possibly to go down to the rate 1.6113.

 

[Coleen]

Bullish forecast GBP/USD 09.28.2012

Tell the truth, you can never discuss the price development only in one direction.
I'd lie to notify that if the price meets the resistance level in an uplink direction today then we should rediscuss the forecast and orient ourselves on long positions. The nearest purpose of such development will be level 1.6296, and the price is probably going to the level 1.6357.

 

[scholfield]

Been a bit busy.

August finished with +70 pips for the month. Positive at least...

so far then:
April was the worst so far at just +40 pips for the whole month.
March was +140
May +120
June +220
July +60
August +70
--------------------------------

I must admit, I'm actually pleasently suprised at the consistency, although I would need to be trading at pretty big damn stakes to actually make any decent money from my trading (asuming that the results aren't just luck)

Lets see how we get on this month.
Currently +40

A few months on.
Not much to add. Still averaging a similar amount of pips and the account continues to grow.

Half kicking myself for not maximising this period in case its just been 6 months of luck. Half want to quit my job which I hate so I can trade. Half want to really increase my stakes. Lots of thoughts running through my head.

Almost feels as though I really am finally 'consistent', but I'm always wary of the theory of the market 'changing', rendering my methods/concepts useless, the second I take a brave leap.

So, still trading at 20p per pip or so. Account is theroreticlly around the 5k mark now, from my £1800 start. Plan to re-access early next year. I'm a coward.

 

[FXRobinson]

My charts show that there is a strong resistance in 1.6140-50. My support zone is 1.6085-1.6065

 

[damienmb]

Yes

 

[FXRobinson]

GBP/USD Resistance levels are 1.6200 : 1.6250-70 Support levels are 1.6170-50 and 1.6100

 

[fibo777]

It is definitely headed to 1.6300 to its' previous top (probably won't be reached today). Buying on dips.

 

[scholfield]

completely flat as of yesterday for the first time in quite a while.





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Over 4000 trades to my name now.

Do markets really change?

What I really want to do is go back 20 years or so and go through each day, manually on a 5 minute chart, and try to see how I would have done, but metatrader doesn't go that far back.

Is there a way to do that using metatrader?

Trading for a living seems more plausible than ever before, and my consistency has genuinely suprised myself, but I don't want to get carried away.

Are there any successful traders here who don't think that the markets really change on an intraday level, and who have used to same methods for a very long time, and don't expect to need to change them any time in the future?

Obviously still trading BABY stakes of 20p per pip or so at the moment, and am up around 3.5K.
Will be changing stakes to around 50p per pip next week!

 

[scholfield]

UPdate:
Only fair that I update the good AND the bad.
My worst fears seem to being confirmed in that either markets DO change, or I was on a 6 month lucky spell??

Last few months I've been getting battered. Lots of losing trades and taken back a large chunk of profits made over the previous 6 months or so.

I'm wondering if consitent profitability is possible with the tools available to retail traders.
Found an interesting thread old thread, and there are posts by someone called 'john1' .
He says that you'll never make money from charts or time+sales.
LurkerLurker implied something similar in a recent thread.

Anyway, John1 starts posing at post no.66. I recommend it if you haven't already

http://www.trade2win.com/boards/forex/72058-trading-without-charts.html

 

[Mr. Crabs]

Hi. New 'wannabe' trader here. Been trying to learn the ropes for a few months.

Been off work a few days so been attempting daytrading gbpusd.
Was there any news today or obvious fundamental reasons which would have stopped you going long at alll today?

I've been stopped out on 5 trades for -100 pips today! (every trade has a 20pip stop)

The same method (bascially identifying the trend using a longer timeframe macd and the trading off the 5min) has worked quite well for me for a few weeks now, but got hammered today.

I know you can't win them all, but i'm trying to figure out if its just a bad day, or if i've missed something obvious which could improve future results if implemented??

I really want to get a daytrading journal going but i'm working most days (working from home today), so it's hard to keep track and post regularly etc.

If you're day trading you might want to set a tighter stop than 20 pips, and take tighter profits. As you should know day-trading is an all day-affair. I would recommend you aim for 5 pip swings. If your timing is not proficient you may need to set a stop-loss looser than your take-profit. Day-trading is not a good idea if you have too many responsibilities to sit on the computer trading forex for several hours straight a day.

If you can tolerate heavy risk check out these picks, consider hedging for short term profits and accumulating the profits in the direction I aim for; a 100 pip target, although it may take multiple days to realize profits. If you have patience you can pull out sweet profits though.

http://www.trade2win.com/boards/forex/168204-huge-pips-pairs-focus.html#post2090930