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

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Topics

  • Posts

    • Actions for the 22nd.  I seem to be on a bad run, I'm really struggling with the opening minutes of the trades I'm taking and then get sucked into a little over trading.
    •   Date : 23rd January 2019.

      MACRO EVENTS & NEWS OF 23rd January 2019.



      FX News Today 10-year Treasury yields are down from overnight highs, but still up 0.7 bp at 2.746%, and 10-year JGB yields climbed 0.8 bp to -0.004%. Stock markets remained cautious during the Asian session. The Bank of Japan held policy steady, as expected, while further reducing its outlook for inflation. The resulting weakness in the Yen didn’t help stock markets and Topix and Nikkei dropped -0.60% and -0.14% respectively. The Hang Seng is also down -0.04%, despite mainland China markets initially moving higher as China’s central bank pumped liquidity into the banking system once again. Still, the measures are also a sign that officials are nervous about the slowdown in the economy and CSI 300 and Shanghai Comp are down -0.24% and -0.13%. The bank offered around 258 bln Yuan (USD 38 bln) to banks through its medium term lending tool. Markets continue to question the progress in the US-Sino trade talks, even though White House adviser Lawrence Kudlow said that the trade talks are still on and the story about cancelled preparatory meetings was “not true, there was never any meeting. We are moving toward negotiations.” The negotiations next week will be “very, very important” and “determinative”. Meanwhile, there are the first signs of a possible way out of the US government shutdown. Markets remain easily spooked, but appear to have already priced in a lot of risk last year and US stock futures are moving higher after yesterday’s sell off. Oil prices are trading at USD 53.27 per barrel. Charts of the Day

      Main Macro Events Today Canadian Retail Sales – After Wholesale Sales plummeted yesterday, Canadian Retail Sales are expected to have also declined by 0.4% m/m, with core Retail Sales (ex autos) expected to have declined by 0.6%. World Economic Forum at Davos –The second day of the WEF annual meetings held in Davos and attended by officials from over 90 countries. Comments from central bankers and other influential officials can create significant market volatility. Richmond Manufacturing Index – Expectations – The index is expected to have remained at a sub-zero level, standing at -2 after the -8 in the December release. Support and Resistance Levels
       

      Always 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.

      Dr Nektarios Michail
      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.
    • USDJPY Eyes The 109.88 Resistance Zone And Beyond USDJPY eyes the 109.88 resistance zone beyond as it looks to resume its upside pressure. On the upside, resistance comes in at 110.00 level. A turn above here will turn attention to the 110.50 level. Further out, we expect a possible move towards the 111.00 level if the earlier resistance is invalidated out. The next resistance resides at the 111.50. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 109.50 level where a break will target the 109.00 level. Below that level will turn focus to the 108.50 level and then lower the 108.00 level. On the whole, USDJPY faces further upside pressure on corrective recovery.  
    • $AVGR (AVGR) Avinger stock strong day w/ bottom breakout watch above 0.38,


      analysis https://stockconsultant.com/?AVGR
    • AUDUSD Weakens On Further Pullback Threats.  AUDUSD weakens on further pullback threats as it saw price extension during early trading on Tuesday. On the upside, resistance stands at the 1.7200 level. A cut through here will turn attention to the 0.7250 level and then the 0.7300 level. A violation will set the stage for a retarget of the 0.7350 level. Support resides at the 0.7100 level where a breach will aim at the 0.7050 level. Below here will set the stage for a run at the 0.7000 level with a cut through here targeting further downside pressure towards the 0.6950 level. On the whole, AUDUSD faces further downside threats.
×

Important Information

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