Gbp/usd

[MysticalTrader]

Nice to not always be making bad judgements. Just closed out 2 positions in GBP/USD for a nice 42 pips. One of those occasions when I went in slightly too early, then opened a second position at the bottom and judged the exit just right.

Think I will sit the pullback out and try to catch the next wave higher.

MT

 

[TheBramble]

Are you trading any of the systems already discussed on these boards or one of your own devising?

 

[MysticalTrader]

Hi Tony

I did get a basic forex strategy from the board but on this occasion was using a trend/channel strategy. I am sure it would have a name but I dont know what it is... just trading the ups and downs in a channel. Working better for me than most of the other strategies I have tried...

MT

Are you trading any of the systems already discussed on these boards or one of your own devising?

 

[TheBramble]

You mean taking a short on the bounce off the top with an exit at the bottom and a Long off the bottom with an exit at the top? Or do you 'tweak' it a little more than that?

 

[MysticalTrader]

That is pretty much it, I caught it bouncing off the bottom and opened long. I dont go against the trend (missed an 80 pip drop 5 minutes ago because of that), so longs only if the underlying trend is up and vice versa. I am very inexperienced really and trying to find a reliable way of taking a little out of the market. This looks promising but I am sure I will learn more as time goes past.

MT

You mean taking a short on the bounce off the top with an exit at the bottom and a Long off the bottom with an exit at the top? Or do you 'tweak' it a little more than that?