| Forex Trading The Gbp/Usd |
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fxPipTitan
Contributing Member
Cash: $ 9.95
Posts: 49
Joined: 15 Apr 2006
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| Forex Update |
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Hey Coaster
Yes, so far so good...
In regards to your question: My trading method is a combination of using fibs and price-action. I do as well chart the gbp/usd using ichimoku and macd. These methods/indicators based on how I read them gives me a price-projection of which can change as the market changes (from up to dn or dn to up). And based on that I'm supposed to add to my long or short as the market moves towards a given price-target.
I know what I'm looking for before I even enter the trade. I simply haven't shared that aspect. But let's say gbp/usd did or does move against me. Based on my generated price-projection as produced by my trading system I would have broken even on a continous move up against my short (provided I did as I'm told and take out an additional position at 1.8733 as I have already mention in a previous post).
This would make perfect sense if such as you mention were to occur, because then I would be forced to react to protect the trade and even then I could take a lost. How? What if gbp/usd continues to go up and hit 1.8733 as I thought but then came all the way back down. Now I would still have a lossing position which can only be off-set by the trade I have already closed-out or by adding another trade...lol Yes, it can get crazy.
So, its hard to explain it all due to my system is constantly changing the data as the market changes direction. My system simply follows price movement and as the trend goes, so does my trade.
I hope I answer your question.
sorry about the grammar/spelling, i needed to edit..lol my goodness, may be no one read it before i corrected it....lol
Last edited by fxPipTitan on Tue May 09, 2006 5:29 pm; edited 1 time in total |
Tue May 09, 2006 4:50 pm |
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fxPipTitan
Contributing Member
Cash: $ 9.95
Posts: 49
Joined: 15 Apr 2006
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| FX Daily Market Hours |
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Date: Tuesday, May 9th, 2006
Time: 1:17pm EST/NYT
I decided to close-out half of my position on the short. Reducing it from 2 lots to 1 lot.
Closed-out at: -546.00 (1.8646)
Current value of trade is:
+1,540.00
-546.00
P/L is now: +994.00
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Tue May 09, 2006 5:20 pm |
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fxPipTitan
Contributing Member
Cash: $ 9.95
Posts: 49
Joined: 15 Apr 2006
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| Forex Update |
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Yes, this method of trading puts you in the Trading Chair...lol For long hours.. And yes, there are successful traders in forex.
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Tue May 09, 2006 5:25 pm |
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fxPipTitan
Contributing Member
Cash: $ 9.95
Posts: 49
Joined: 15 Apr 2006
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| Forex Update |
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Date: Tuesday, May 9th, 2006
Time: 1:35pm EST/NYT
Okay, I went ahead and closed-out the last position. All I wanted to do was show to those who have never traded forex how such works. Here's the final results from the trade.
+1,540.00
-1,190.00
P/L is: +350.00
I ended the trade a little sooner than I was supposed to. This particular trade would have been over 1k in profit, once I had completed it and if it was successful. But you get the picture.
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Tue May 09, 2006 5:40 pm |
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fxPipTitan
Contributing Member
Cash: $ 9.95
Posts: 49
Joined: 15 Apr 2006
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| Forex Update |
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Hi, fxPipTitan here and I will do one more trade and this time it will be from start to finish but right now I'm tired, so for a good relaxing break I'm going outside to water the flowers...
Enjoy the rest of the day folks...
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Tue May 09, 2006 5:45 pm |
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fxPipTitan
Contributing Member
Cash: $ 9.95
Posts: 49
Joined: 15 Apr 2006
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| Forex Update |
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Date: Wednesday, May 10th
Time: 7:26pm EST/NYT
Based on what I see it looks like gbp/usd and eur/usd are about to turn south, so I'm just waiting for a sell signal to be generated then I will begin my next post...
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Wed May 10, 2006 11:28 pm |
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