Best Thread GBP/USD Breakout

[foredog]

I like the sound of free cash, can anyone post the details?

WWW.ETXCAPITAL.COM should be an advert on there, open account and they fund it with £100.

 

[bedsit]

Possible target 16175? Anyway I'm not doing reentries - it wouldn't be good discipline.

 

[Splitlink]

I like PA as well but have never been trading seriously with it yet. How is PA working out for you?

I'm ok with it, I've been using it for years, but I, also used averages. The averages just slow you down.

 

[FormulaOneFan]

I'm ok with it, I've been using it for years, but I, also used averages. The averages just slow you down.

I have been studying and trying to put a method together using Naked Trading method. So far not able to come up with something that is low risk and high probability trade. The idea of trade what you see rather then predict can be profitable for day traders. May I know how you trade these? Sincere apologise if it is personal and hard worked secret method which you don't want to share.

thanks.

 

[bedsit]

Quite close to resistance region of 16305. Tempting to short with low risk and good reward (target 16175) Lot of people prefer long. I'll stay out of it.

 

[HawkTrader]

I have been studying and trying to put a method together using Naked Trading method. So far not able to come up with something that is low risk and high probability trade. The idea of trade what you see rather then predict can be profitable for day traders. May I know how you trade these? Sincere apologise if it is personal and hard worked secret method which you don't want to share.

thanks.

IMO there are no 'secrets' in trading. It's all there for you to see, and the Trading Naked thread is mostly about 1-2-3 setups, simply the definition of a trend. Higher high and break, buy. Lower low and a break, sell. Basically you buy new highs and sell new lows!

Check out this video by Lance Beggs called "The Hidden Secret of Technical Analysis". It's strange because Lance doesn't believe there are any holy grails, but I think that's the irony of his video -- the secret is the fact there is no secret, you just have to see it there staring you in the face!!

 

[bedsit]

Anyway sometimes good to ignore majority opinion. Closed before target - happy with fast 30pips profit. Not the best discipline.

 

[bedsit]

IMO there are no 'secrets' in trading. It's all there for you to see, and the Trading Naked thread is mostly about 1-2-3 setups, simply the definition of a trend. Higher high and break, buy. Lower low and a break, sell. Basically you buy new highs and sell new lows!

Check out this video by Lance Beggs called "The Hidden Secret of Technical Analysis". It's strange because Lance doesn't believe there are any holy grails, but I think that's the irony of his video -- the secret is the fact there is no secret, you just have to see it there staring you in the face!!

I checked the video. It is interesting, but at the same time the author showed example of h&s pattern and the way he interprets is wrong to my mind. No wonder he doesn't see point in relaying on patterns that much. He is not alone - I checked some books where you can see how some of the authors have very little knowledge about TA. My point is not to take everything for granted. Best to spend time to learn about TA from good authors and form oppinion on your own.

 

[FormulaOneFan]

what size stop do you think is low risk and how big a reward you want?

1:3 is my standard target. (Risk 1 and Reward 3). My target is 60 pips so I risk 20 pips mostly. It's very hard though. Sometime like to settle for 30 pips and most of the time just take what the market gives me.

 

[bedsit]

Addition to UG - I've already got out of the trade. If it goes above 16325 no good for short any more as far as I'm concerned. Anyway I'm not proud of reentry although I made 30 pips - that was bad discipline Need to work more on psychology.

 

[woolley]

I just took +22

well done Claudia it was sooooooo close today, but u deserve it for sticking to your plan after yesterday.I decided that the breakout was the important thing not the time ;after looking at yesterdays action, so I took breakout at 1.6235 at 6 45am and was stopped -20 pips.

 

[hirnant]

well done Claudia it was sooooooo close today, but u deserve it for sticking to your plan after yesterday.I decided that the breakout was the important thing not the time ;after looking at yesterdays action, so I took breakout at 1.6235 at 6 45am and was stopped -20 pips.

Snap!!

I never learn.....someone gives me a template for success and what do I do? Fiddle with it! Duhhhh.

 

[Claudia123]

Maybe you just did learn - must admit I was watching chart around 6.45 and it was tempting. Anyway 7 out of 8 this month ain't bad. And Woolley thanks for the kind words.

 

[Crawsthorne]

Maybe you just did learn - must admit I was watching chart around 6.45 and it was tempting. Anyway 7 out of 8 this month ain't bad. And Woolley thanks for the kind words.

Claudia - Having watched this strategy for a couple of weeks, I think it is worth pointing out that it has other strengths which are not so obvious. Specifically, it prevents overtrading which so often happens when one has a bad day and also the success rate is sufficiently high to allow rigorous following of the rules and acceptance of the inevitable loosers. From the limited time I have been recording the results accurately, I do wonder if there is scope for tighteng the stop but I will keep observing it for a couple more weeks.

Charles

 

[Claudia123]

Charles - good points. But the strategy works at the moment so why fix it? That said, I lost 20 yesterday when I could have got out at break even as Hawk pointed out. Every trade is different and markets change all time - this works right now so make the most of it. At this win rate 5 or 10 pips on a stop don't really matter.

 

[FormulaOneFan]

Hello all, It looks like we would have to wait for the break as it is stuck in the middle.

 

[Claudia123]

Its clearly going to the 50 area - question is which one ?

 

[FormulaOneFan]

I think any trade we take now would become a gamble. there is no pattern to it.

 

[wil68]

In short at 08, out at 89

 

[foredog]

Following the talk the other day of moving stops to Breakeven.... Today short at 16305 and when proce rallied back above 16300 i went to breakeven, stopped out and down it goes. So either way you'll lose out sometimes. Just be consistent an d overall you'll be OK.