Best Thread GBP/USD Breakout

[HawkTrader]

why take short when it is so close to daily pivot? I was waiting for it to break. It looks like another day of no trade unless it breaks clear before 8am. That's three in a row of no trade.

You're right. It's at a very strong support on the 4H. However I was just sticking to the plan!

 

[romzilla]

Does anyone else have the long entry around 309. For some reason I had 290 hence the Long position

I have a buy level 1.6311 but the price just keeps going up and down

 

[p-lab]

Looked like it some strengh on the 5m. When it opened so close to the low i thought if it doesn't break on the open I'm long. Also I had 290 as the break now I'm thinking 309 is the break. IMO

 

[FormulaOneFan]

Does anyone else have the long entry around 309. For some reason I had 290 hence the Long position

290 is high of 6am candle. You went long on break of 6am high/low? If you did then that would explain it. Break of 6am candle high/low worked on friday, monday and today.

 

[Tenapenny]

There's a lot of news coming out today people. Be aware if you are trading later on. http://www.forexfactory.com/calendar.php?do=geteventinfo&day=2009-12-15&c=2

 

[HawkTrader]

Actually it's the same all week, plus Christmas is coming up. Perhaps I will take a break until next year... if the urge to trade isn't too strong...

 

[foredog]

Feels like a real lack of vlome and momentum out there, price seems to be spiking up to around the highs before drifitng back down again. (or reverse for lows).

Seems like people packing up for the year already. I'm a firm believer that anything can happen at any time but it may be that there will be too many false moves before the pay off.

Once volume starts drying up it's like a vicious circle, less volume means less people trading meaning even less volume.....etc etc

 

[Tenapenny]

Not keeping my eye on the ball today. Should have kept an eye on EUR/USD and EUR/GBP.

 

[ez0770]

Got in short @ 16279.7 after the open and stopped out @ -20...looks like the system got us in 1 hour too soon today

 

[HawkTrader]

Feels like a real lack of vlome and momentum out there, price seems to be spiking up to around the highs before drifitng back down again. (or reverse for lows).

Seems like people packing up for the year already. I'm a firm believer that anything can happen at any time but it may be that there will be too many false moves before the pay off.

Once volume starts drying up it's like a vicious circle, less volume means less people trading meaning even less volume.....etc etc

I agree. This system and my method needs alot of volume and we ain't getting it now... I didn't want to end the last trading week of the year in a loss but perhaps I will stick with -2% before it gets any worse. I can't see how we will get any move volume now.

Anyone know when it will be back to normal? 1st of Jan maybe?

 

[woolley]

Did anyone get that break of the 6 am low ?

no. looking at eurusd

 

[foredog]

Did anyone get that break of the 6 am low ?

No watched it, kicked myself for missing it and then blinked and realised i'd have been stopped out at breakeven anyway (i tend to be more aggressive wth stops)

Lots of long wicks out there to catch those stops!

 

[Tenapenny]

Did anyone get that break of the 6 am low ?

No, long order kicked in at about 0707 am, -20. Look at it now.

 

[neil]

Price goes Up
Price goes Down
Hits my stoplosses
Makes me frown
Trading back and forth
Like a blooming Clown!!!!

Well there is always the Euro ( Do you guys follow 2 currencies or stick to Cable only?)
I cannot trade for the rest of the week - have teaching role sprung on me. Back in January so Merry Christmas to all my readers

 

[romzilla]

Today it is close to long trade. But I am not sure. The volume is to small just like yesterday.

 

[Crawsthorne]

Today it is close to long trade. But I am not sure. The volume is to small just like yesterday.

can i ask how you know the volume of the cash market?

 

[romzilla]

can i ask how you know the volume of the cash market?

I use charts from MT4 platform for comparation. There is a volume indicator there. Usually breaks occur when there are spices in volume.

 

[bedsit]

I'm not sure but maybe short - there is a nice support around 240. If it gets broken may go down a bit. Again difficult as this is choppy directionless market.

 

[romzilla]

I'm not sure but maybe short - there is a nice support around 240. If it gets broken may go down a bit. Again difficult as this is choppy directionless market.

Yesterday the breakout started at 8 not 7 GMT. Maybe today is the same thing?

 

[bedsit]

I wouldn't bet on it. Price is going like a yo-yo