gbp/usd trade 131202

[higherSelfishness]

As good a time as any to short gbp/usd, but probably going to be in for the long haul. Sell @ 1.63524, stop @ 1.64447. I can easily see this trade lasting the week...

 

[Purple Brain]

What timeframe are you trading?

 

[higherSelfishness]

What timeframe are you trading?

4 hour/daily chart. Either/or, you can see it on both. Or did I misunderstand your question?

 

[higherSelfishness]

Going to relax my stop. Don't even like stops w/ this kind of trade. Major correction due here soon.

 

[Purple Brain]

4 hour/daily chart. Either/or, you can see it on both. Or did I misunderstand your question?

No, I don't think you misunderstood based on your response.

I just wondered what timeframe was suggesting going short then was as good a time as any.

 

[Purple Brain]

You've been in negative territory from the off and talking of 'relaxing' your stop which I presume is pushing it further away.

I just don't see cable as a short in any timeframe, but my performance is far from stellar so you're probably onto a winner - eventually.

Your initial stop level was a good call - be a shame to spoil it by moving it now having sat through a day of almost 100% of risk drawdown.

 

[higherSelfishness]

You've been in negative territory from the off and talking of 'relaxing' your stop which I presume is pushing it further away.

I just don't see cable as a short in any timeframe, but my performance is far from stellar so you're probably onto a winner - eventually.

Your initial stop level was a good call - be a shame to spoil it by moving it now having sat through a day of almost 100% of risk drawdown.

I could have easily waited for a better entry point, but risking a non-entry. I say "good a time as any," because the entry point now is negligible compared to the r:r ... This is a longer term position. I had already missed my planned entry which has been setting up for about a month. I didn't see it testing the high again that quickly. If it hit a new high, I would have used that as a reference for a new stop. IMHO, cable is way overbought, due for a pretty substantial "correction," though I really don't like using that term. I love these kinds of trades and I'm seldom wrong (though, we've all eaten our shirts before.) Good trading to you!

 

[jw1981]

I'm with you on this, although I'm gonna wait till tomorrow's close to decide, if the upside doesnt breach a bit too much and if tomorrow is bearish.... From the weekly i see 3 strong resistance levels, so my bias is a correction to 1.61/62, but bear in mind the nov jobs report for UK.... All pmi's came out strongly, so it could put a dent to shorts... And FOMC's non taper could make the cable violently bullish.... Or maybe there's some fundamental surprise in store.

 

[higherSelfishness]

I'm with you on this, although I'm gonna wait till tomorrow's close to decide, if the upside doesnt breach a bit too much and if tomorrow is bearish.... From the weekly i see 3 strong resistance levels, so my bias is a correction to 1.61/62, but bear in mind the nov jobs report for UK.... All pmi's came out strongly, so it could put a dent to shorts... And FOMC's non taper could make the cable violently bullish.... Or maybe there's some fundamental surprise in store.

Did you enter? The 10th was "bearish" ... albeit feebly. And the 11th still imparted ample opportunity to climb aboard. If you're in, I can easily see it going further than your 1.61/62 to test the Nov 12 lows, but that will require discipline and patience.

 

[jw1981]

Did you enter? The 10th was "bearish" ... albeit feebly. And the 11th still imparted ample opportunity to climb aboard. If you're in, I can easily see it going further than your 1.61/62 to test the Nov 12 lows, but that will require discipline and patience.

Yep @ 1.64178 (10th low) .. looking for 1.623 and 1.616 TP, or might just close out the trades if none of those levels are hit before the jobs data from UK. FOMC is also due on the same day.. would be interesting to see how the pair plays out.