Best Thread GBP/USD Breakout

I'd say 16240 and 16276 are looking like the highs and lows to me....but the market seems to be very choppy again and with a lack of volume so there may not be enough money to force a decent break throught these levels before price falls back into the channel.
 
Don't know about you guys but that spike around 06:15 - 06:30 had to turn around at some point. sold at 1.62691 and took 12pips.

London Forex Open.... Hmmmm
 
romzilla said:
I use charts from MT4 platform for comparation. There is a volume indicator there. Usually breaks occur when there are spices in volume.
Click to expand...

No volume data for this market since it's OTC. I wonder if they use the futures as a proxy
 
ez0770 said:
No volume data for this market since it's OTC. I wonder if they use the futures as a proxy
Click to expand...

It could be so. Or it is volume that is transfered in each brokers company. But since the profile of all traders in the world is the same then it could serve as an indicator.
 
Thanks romzilla,
When the market is dead us brits will try to amuse ourselves in other ways!

Have you found this indicator much help?
As bearing in mind as ez0770 says being an otc market there is no volume data.
 
When the overnight range does not seem to work, its worth while extending the range to the next 4 hr and daily range.
 
CJMEISTER said:
Yes nice try indeed!

Why not give us all an early chrimbo pressie and share with us fellow traders lol:cheesy:

Meanwhile back to waiting patiently for my morning B/O trade
Click to expand...

So I do I take it you have not tried either system then and are therefore unable to comment on either?

I got up late today but did manage to get in on most of this mornings move simply from trading the fundamentals. Long target 1.6379 met. Current momentum should continue and has the hallmarks of setting up a nice short from 1.652. :)
 
Managed to take more than full candle loss on GBPUSD. One day I may learn how to stop at 20 pips as opposed to waiting and hoping. I guess that day would become successful trader. Still short of patience and discipline.
Also today continued trading (after that big loss - how bad) and luckily EURUSD was on my side so regained losses and made small profit.
Anyway I should think that's not the way - to relay on luck.
Any advice how to become patient and disciplined would be appreciated.
 
bedsit said:
Managed to take more than full candle loss on GBPUSD. One day I may learn how to stop at 20 pips as opposed to waiting and hoping. I guess that day would become successful trader. Still short of patience and discipline.
Also today continued trading (after that big loss - how bad) and luckily EURUSD was on my side so regained losses and made small profit.
Anyway I should think that's not the way - to relay on luck.
Any advice how to become patient and disciplined would be appreciated.
Click to expand...

Put a stop loss in as you enter the trade and only touch it to move it closer.

Remember if you sell something you expect it to go DOWN, if it starts going up the you should be on your guard. There's no shame in getting out at Breakeven or -3, So what if you get out for a tiny loss and then the trade starts going the right way, it's going to be a lot easier to make back your loss on the next winner if you're down 3 rather than down 33.

This method is trading a breakout therefore price "should" break free of the old level and never look back. If it triggers you but never goes any further down then there is probably not enough momentum there to push it your way so why not take the small loss and wait and see?
 
dave114a said:
So I do I take it you have not tried either system then and are therefore unable to comment on either?

I got up late today but did manage to get in on most of this mornings move simply from trading the fundamentals. Long target 1.6379 met. Current momentum should continue and has the hallmarks of setting up a nice short from 1.652. :)
Click to expand...

Not sure what you mean about trying either system as this thread is all about the early morning B/O system, no i have not tried and paid for the system you put in your mail but i am sure it is not that far away from what we all do here;)

Took a loss of 20 early today then it smashed through the other side and replenished my loss so B/E day today. Tricky trading due to lack of volume and momentum as lead up to christmas, my last trade of the year will be 2moz.

Thanks and sorry i can not comment on your system in your post
 
Today system worked – was good to make some profit after some time. Anyway I wouldn't follow it tomorrow – Friday could be strange day.
I'll give it a miss till 2010 and than hopefully start getting pips on regular basis.
Wish you Merry Christmas and Happy New Year, good health and lots of pips in 2010
;)
 
while we're in wind-dwon mode until the New Year, I thought you might want to look at alternative breakouts.

over on FF, there is the 7am-9am "Big Dog" breakout.
1400-1600 USD Breakout Strategy. (Around US OPEN)
http://www.forexfactory.com/showthread.php?t=103682

if anyone wants to do any analysis, it may give traders 2 bites of the cherry of a day.
ie, 2 lots of 20 pips perhaps?
 
trendie said:
while we're in wind-dwon mode until the New Year, I thought you might want to look at alternative breakouts.

over on FF, there is the 7am-9am "Big Dog" breakout.
1400-1600 USD Breakout Strategy. (Around US OPEN)
http://www.forexfactory.com/showthread.php?t=103682

if anyone wants to do any analysis, it may give traders 2 bites of the cherry of a day.
ie, 2 lots of 20 pips perhaps?
Click to expand...

Cool, thanks for that Trendie. I've been wondering about a US open break. Sounds great doesn't it? Stumble out of bed, trade the London break, then have a quick nap in time for the US break. 40+ pips per day would be nice! :D Not sure how I'd cope with winning 20 pips and then losing 20 pips though.
 
Break out was last week ... sell those rallies. CADJPY looking interesting

Keep in mind folks that ths time of year is always one of two extremes... Mad Dog or Dead Dog, and its usually the latter.

Persoanlly my year ended on Friday

gamma said:
Just wondered if anyone was about.
We had a great breakout this morning
Click to expand...
 
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