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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 3054
Posted: Feb 22, 2010 5:00
Comments: 3054
Forum Topic:
GBP
Discuss GBP
Same fate as Gold?
nice discussion...very doctrinal..
as for my stop...1,5390...i like playing wider ones...this level, if broken, possible reversal underway...and i dont like tight stops just for reentering...
i think this is a matter of trading style of each of one of us..
but u might be right!!! and thanks for ur point of view!!!
all of u who joined this discussion are bearish gbpUSD, ashraf as well...
i believe the Triangel is being made, thats my strategy...sl well above false breakout...
if this trade will not work,,,forex gives us plenty of opportunities to make those lost money back..u have to be smart, have money managment and risk apettite:-)
good night to all ..
hope 2mmorow when i get to my desk I ll see nice fat profit:-)
and thus these levels tend to become a self fulfilling prophecy. This makes cable rather profitable to trade.
I don't believe in such a thing as a solid resistance (or a solid support). They work until they don't, and ardent technical analysts only tend to remember the times they worked.
@Amg: nothing (well, almost nothing) surprises me about cable, so yes, a nasty move is always possible. But traders thrive on movement of course, so let's see what it's got.
Any thoughts are welcome.
AMG
Thanks a lot, i love these forums.
I am short aswell from 1.5275 sl 1.53255 above the last time we crossed 1.53 and if taken out that means the market will try for 1.5370 and than i can have a better chance to reevaluate price behavior and also will have the opportunity to short at a much better price. Trading 1.53 gbp i believe we should keep tight sl. Why are you risking 100+ pips. SL in this case is not to avoid any loss but to reenter at a better price.thats my take on the short gbp as GBP is respecting 1.53 we should take advantage.
one thing i can think of why you keeping large sl is that you are afraid of a impulsive move i have following points for you to scratch your mind and think.
1. Is 1.53 a solid resistance level.
2. Can i reenter again if hit at 1.5325 on the resumption of down trend. as all i loose is 40 pips max for a good 200 pips risk reward ratio and the best chance is i may get 40 pips extra by entering short at 1.5370 with 1.54 stops. Total risk is 70 pips and not 120 pips in addition i am giving you a chance to get 40 extra pips.
^_^