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Sunday, March 27, 2011

Week 13 GBPUSD Big Picture

Below is one of my plans if price broke low in coming week(s).  i.e. I would plan to sell on every rally.

ok... correction.  "Every" sounds too certain.  Main plan is to sell as long as bearishness is sustained.  :-)




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5 comments:

  1. Peter ChauMonday, March 28, 2011 at 11:07:00 PM GMT+8

    Break 1.6000 this afternoon. Active my sell order at 1.5940. Now this pair going upward. ^^

    ReplyDelete
  2. elyeTuesday, March 29, 2011 at 11:56:00 AM GMT+8

    Hi Peter,

    If you are trading breakout at this level, then odds are not with you. Also, note that support and resistance is not a single value. It is a zone.

    Even price were to break low eventually, it still can retrace back to 1.6100 region

    Cheers,
    Eric

    ReplyDelete
  3. PeterTuesday, March 29, 2011 at 8:24:00 PM GMT+8

    Hi Eric,

    Right now I am still trade with paper trading. Still learn here and there before having live trade.

    Basically, I plan trade like this:
    Sell GBP/USD at 1.5940, stop loss 1.6110 and take profit at 1.5760.

    I take stop loss 1.6610 because I found that price will continue up if it break 1.6610. However, take profit at 1.5760 because there is support on 1.5725. The risk/reward ratio is 0.95.

    I am using daily and 4 hour chart in this trade. I not sure the way I trade correct or not. Correct me if any problem in my trade. Thanks.

    Thank you for sharing.

    Regards,
    Peter

    ReplyDelete
  4. elyeThursday, March 31, 2011 at 10:34:00 AM GMT+8

    Hi Peter,

    GBPUSD is in a trading range that started about 8 weeks ago. Your plan is not practical as market has not given us the fact it is going in a new direction.

    To learn how to trade, reading of the market is one of the first skills you need to pick up.

    Cheers,
    Eric

    ReplyDelete
  5. PeterFriday, April 1, 2011 at 3:10:00 PM GMT+8

    Thank you. Yup. This pair still going in range. Hmm. Trading is live business. Many thing need to learn. ^^

    ReplyDelete