Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

MadMarketScientist

GBPUSD Trading

Recommended Posts

There's a LOT of forex traders out there and we need some more conversation going on in this forex forum. I know you all have a lot more to say about it. So, in that spirit I'm kicking off this thread in hopes some of you who trade the GBPUSD will start posting your analysis, your approach, how you trade this highly popular currency pair. Anything to do with GBPUSD. And, if you prefer the EURUSD, or the EURJPY or you name the pair, how about starting a new thread to discuss that one and let's start sharing thoughts/trades/experiences on these pairs?

Share this post


Link to post
Share on other sites

I do though I have also mixed in the BP (British Pound Futures contract) as well.

 

Mostly I do swing trading of the GBPUSD since I do a lot of daytrading elsewhere it is too much to juggle but I like the market for swing trading. Spreads are very reasonable, I feel it moves more reliably than the EURUSD, and usually just one extra pip spread for a lot better movement. I'll also occasionally if I have time take a daytrade on it, usually looking for the 25-35 pip target range, most of my swing trades tend to be 75 - 200 pips.

 

For me it has been the most consistent pair -- others seem to go through phases where they are amazing to trade (GBPJPY) but then falter where this one is steadily reliable.

Share this post


Link to post
Share on other sites

Ok, I'll bite.

 

I like to swing trade GBPUSD as well though really most of my trades are done same day. I go for 60 pip targets.

 

I had a short trade this morning from 1.4600 (the break of - I don't like entering right on big round numbers like that so I adjust it to 1.4998) and it dropped 60 pips and I'm flat now for the weekend. It has gone down further, and I guess I could trail but I just like taking the fixed target.

 

Lately it has been moving great -- see the image - but it's not always this hot (I wish)

 

attachment.php?attachmentid=21313&stc=1&d=1275667439

 

I only go long with a buy after a short so I'll wait until I get my set-up.

gbpusd.thumb.jpg.ae83938248e46854ac23d0fa84d6f125.jpg

Share this post


Link to post
Share on other sites

Ok, I've gone long the June British Pound Futures @ 1.4539 looking for 80 pips.

 

The spot currency, GBPUSD has not triggered yet for me on a buy but it's getting closer - right now looking at buying on the break of 1.4580 - still a bit to go to get there

Share this post


Link to post
Share on other sites

Good for you starting this thread.

 

I haven't been a regular posting here but plan to move back, tired of reading rubbish on the other forums plus I started live trading in late April so need all the support I can get, the GU is one of my trading pairs.

 

See all soon

Share this post


Link to post
Share on other sites

Welcome back pa18. We need more people just like you, serious traders looking for great trading discussion - it helps us all.

 

My long on the BP Futures hit my stop at 1.4439 and I reversed to short there and took my exit at 1.4380 so I made back about 60 pips, though down about 20 pips in the exchange overall. Coming into that I had 5 winners in a row of 58 - 60 pips so I guess I was due and it isn't easy fighting the downtrend with a long.

 

I'm still looking for my long on the GBPUSD spot currency -- at this point it's not close and would have to rally about 100 pips before I'd be thinking of a buy so just having to be patient.

 

Same on EURUSD -- it's consolidating but waiting on a buy opportunity there.

Share this post


Link to post
Share on other sites

Got a long on the GBPJPY @ 131.85 going for 60 pips. Don't usually trade this one but set-up -- my GBPUSD set-up getting closer.

 

I see EURJPY also flashing a long from 109.20 but had to choose between it and the GBPJPY

Share this post


Link to post
Share on other sites

My GBPJPY trade hit its +60 pips profit. The EURJPY trade I mentioned just above also hit 60 pips but I didn't trade it personally since felt I was over-correlated taking basically the same long one EURJPY/GBPJPY.

 

I finally did get my long on the GBPUSD I've been waiting on and it went 60 pips as well as you can see on attach.

 

EURUSD I got whipsawed in a long/short combo so not as fortunate there - usually I mostly do the GBPUSD but lately my EURUSD was so good I can't resist but it ended my win streak.

 

attachment.php?attachmentid=21387&stc=1&d=1276103642

 

attachment.php?attachmentid=21388&stc=1&d=1276103642

 

attachment.php?attachmentid=21389&stc=1&d=1276103642

0609gbpusd.jpg.ba563744fd5f0aa84da0685dff85d6ae.jpg

0609gbpjpy.jpg.c9f413924581e6c5c4ca948b24cc047a.jpg

0609eurusd.jpg.3595e10f9e38c042bb14b6cda3a20cc3.jpg

Share this post


Link to post
Share on other sites
My GBPJPY trade hit its +60 pips profit. The EURJPY trade I mentioned just above also hit 60 pips but I didn't trade it personally since felt I was over-correlated taking basically the same long one EURJPY/GBPJPY.

 

I finally did get my long on the GBPUSD I've been waiting on and it went 60 pips as well as you can see on attach.

 

EURUSD I got whipsawed in a long/short combo so not as fortunate there - usually I mostly do the GBPUSD but lately my EURUSD was so good I can't resist but it ended my win streak.

 

Nice trading guy!

 

Love the renko charts but I've never used them, charts look very clean.

Share this post


Link to post
Share on other sites

oh boy, my trading demons come back to haunt me ...

 

a loss ... my mistake of moving my SL too tight too quickly and I had to leave the screen during the trade, should have trusted the uptrend

 

gu1hr.gif

 

gu5.gif

Share this post


Link to post
Share on other sites

Good movement continues on the GBPUSD. Picked up a couple trades last few days -- today had a good short for 60 pips as indicated on the chart, followed a recent buy into that upswing. No telling if these really tradeable swings can last but while it does, it makes for predictable price action.

 

attachment.php?attachmentid=21422&stc=1&d=1276277892

gbpusd.jpg.ac9df3ad3d41935a41f4642a611c2eb4.jpg

Share this post


Link to post
Share on other sites

I had a short on GBPJPY on Thursday, the sudden move up took me out at my stop. Got another long tonight that shoud work out. I don't have any trade on the GBPUSD, but I will post is as soon as I do. This is a great thread. I am glad I found it.

Share this post


Link to post
Share on other sites

Wow, liking these range bars, I've no idea why I passed them over in my earlier trading life.

 

85 pips, 3 wins and 1 small loss on GU in less than 4 hours. :rofl:

 

I know this is a gentleman traders forum but ... "FOOKIN A!" :0

 

Anyway, first day of using them, still a little unsure how to see and trade but looks like the same as my normal time dependent bars. I mark up HTF SR from normal MT4 chart and then trade from range chart, seems like the bounce is smoother and easier to see because there's no whipsawing up and down like you see on a normal time dependent chart.

 

Anyone with experience give a few pointers?

 

gutl14june.gif

 

EDIT: Oh yep, the stops are great to place and they are small too! :0

Edited by pa18

Share this post


Link to post
Share on other sites

Very strange trading without the time element. It feels like less stressful because you're not waiting for a candle to close in 5 or 15 minutes or something like that. But on the other hand, I feel a bit bewildered because there is no time to push you to a decision.

 

Normally I wait for congestion on smaller TF then 123 out of there (at a significant HTF SR area) so are my entry rules still going work out?? Still need practice.

 

Can I ask questions to the experienced range bar traders on my posted chart.

 

Would it be a good place to sell where I marked off in yellow, if not why?

 

With range bar trading, since we are trading the direction of the pips only, would looking at colour influence decision making such as entry and exit?

 

gutl15june.gif

Share this post


Link to post
Share on other sites

I assume you mean at the bounce off the channel high, yes that would be a good place. You have the MACD crossing below the zero line which suggests a change in direction. You could also have considered placing the stop a few pips below the bar for added confirmation. Maybe you did that, it's hard to see on the chart.

Edited by TraderWill

Share this post


Link to post
Share on other sites

PA 18,

Great post, thanks! I called a trade the other night and it hit it's target. Here is the post and the chart. I hope to have a few more. Your trade was better!

Optional GBPUSD Long 1.4842 Stop 1.4748 T1 1.4968 one Target

gbpjpy.thumb.jpg.2d7e32ba9f4fb4e23b953d5fe7a0484f.jpg

Share this post


Link to post
Share on other sites

Looks like this market has still been cranking.

 

I missed a "lot" of good trades while I've been gone for a few days. Unfortunately I wasn't around to take some of these but you can see it is still moving very well for now - each target is a 60 pip move and its been consistent maybe grabbing a move every other day or so.

 

attachment.php?attachmentid=21570&stc=1&d=1277622296

 

Now that I'm back what do you want to bet the first trade stops out? Murphy's Trading Law at work....however, for now my sweet spot seems to be that 60 pip move or so.

5aa710176a101_6-27-201012-03-12AM.jpg.43d0eee91911ab68b9eff77333fac705.jpg

Share this post


Link to post
Share on other sites

I took a look at my stuff for today and was looking to buy at 1.6267 but has since faded sharply off those levels so very unlikely to happen. 1.6200 seems to be the line in the sand right now.

 

I'm definitely getting close to seeing a short opportunity on a 30 minute chart on the break below the 1.6140 area from today.

Share this post


Link to post
Share on other sites

I like Renko charts when I want a nice, super clean look at the markets. There are oddities with renko you have to be aware of when you're trading off of them of course. The hardest for people to wrap their heads around is it won't plot every price move of the market you're tracking -- plot points "disappear" if they are not part of a completed renko brick. But, that's what makes it so visually clean...also, not all indicators will react the same way as a result.

 

 

MMS

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date : 23rd August 2019. MACRO EVENTS & NEWS OF 23rd August 2019.FX News Today A confluence of factors whipped the markets around Thursday heading into the Jackson Hole Symposium and Chair Powell’s comments Friday at 10 ET. Hawkish remarks from George (she dissented against the July easing) and Harker (who votes in 2020) weighed on Treasuries and erased early gains from Wall Street. Minutes from both Fed and ECB meetings were not quite the all out dovish signal that some had been hoping for and comments from Fed members yesterday also showed a degree of caution with regard to further easing measures. The curve in the US steepened again after inverting briefly overnight, the curve flattened and inverted further in Japan. Stock markets across Asia moved mostly higher although gains remained contained by caution. New Zealand’s central bank governor said he could afford to wait before declining on additional easing measures. Onshore Yuan set at its weakest for 11 years. Japanese core consumer inflation at a 2-year low in July. Meanwhile lingering geopolitical trade tensions and political jitters in Hong Kong, Italy and the UK add to an uncertain backdrop. US futures are also cautiously moving higher. The WTI future is trading at USD 55.37 per barrel. Charts of the DayTechnician’s Corner EURUSD returned to 3-week lows of 1.1064 today, after rallying to session highs of 1.1099 following the sub-50 US manufacturing PMI. Negative European yields appear to be taking their toll on the currency, keeping the Dollar in demand in place for relatively high yielding US Treasuries. This has likely been a major factor keeping EURUSD under pressure, especially ahead of likely ECB easing in September, and perceptions that the Fed will not be as aggressive in easing as previously thought. Key EURUSD level is the 27-month low of 1.1027 seen on August 1. USDJPY rallied to 106.64 highs. The risk-sensitive pairing can be expected to consolidate into today’s much anticipated speech from Fed chair Powell, from Jackson Hole. GBPUSD: Sterling had its best single day rally since March 13 against the Dollar. Cable’s high was 1.2273, which is the loftiest level seen since late July. The gains were sparked by comments made by German’s Merkel, who indicated that a solution to the Irish border backstop conundrum is doable by the October-31 Brexit deadline. UK Prime Minister Boris Johnson followed this up by saying at his joint press conference with France’s Macron that he was encouraged by his talks in Berlin yesterday, and that a deal, he thinks, can be done ahead of October 31. Macron, said, however, that while he has always respected the UK’s decision to leave the EU, the European project has to be protected, to which the Irish backstop remains an important part of ensuring this. Merkel’s remarks were little more than rhetorical platitudes, though enough to trigger a short squeeze in a heavy shorted currency. Main Macro Events Today   Jackson Hole Symposium – Day 2 Retail Sales ex Autos (CAD, GMT 12:30) – Retail sales are expected to have decreased in Canada, with consensus forecasts suggesting a -0.5% m/m decline should be registered in June and an unchanged ex-autos component at 0.3%. In May, Retail sales were disappointing, falling 0.1% for total sales and declining 0.3% for the ex-autos component. The decline in sales was driven by a 2.0% tumble in food and beverage stores. The report casts some doubt on the resiliency of the consumer sector to the ongoing parade of worrisome geopolitical and trade developments. Support and Resistance levelsAlways trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Thanks for your suggestions man!! Our own decision surely makes us or breaks us. Thanks once again, buddy.
    • Right, as a trader, we are our own boss so there is no fear instead of loss in this market. To learn the market we have to keep learning and following rules or our plan that we have decide for trading.
    • None trader or broker can control the market. There is no single person who is behind the Forex market so there is no way to be controlled the market with a man power.
    • EU is still trading in a range. I'm heading out of town tonight and won't be back until Sunday evening. 
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.