Good posts. Out of interest when did you put the GBP/USD trade on and why? I only ask as 217 was my target on a short trade on Friday from entry at 267as I posted on another thread. (Took profit before target was hit - but that's just bad trading!)
To me (I trade 60 min tf) I expect to be going short again Monday looking for around 150 - but wait and see what happens over night. Also USD/CHF looks a good long - again see what happens tonight.
Hello Claudia, thank you for the kind words. I think the dollar will be weak, I have been thinking about how I would answer your question, but feel that any response from me is pretty much worthless without telling you exactly what I am doing, so I figured no response might be better.
Sounds like you were right-on about gbp/usd hitting 150, it looks like it went all the way down to 1.6050
I am watching various fundamental, technicals and am 'bobbing and weaving' between them, so unless I told you in what order I was watching them, it will just be confusing. Even if I did tell you exactly why I was doing, what I was doing, I would just be putting myself out of business by drowing out my own strategy. Sorry :innocent:
One way I believe you could profit off my positioning is to watch my positions on a 15 minute chart with RSI (14) waitng for rsi to pull-back either above 70 or below 30, then closing past 50 rsi. Holding until rsi then reaches above or below 70/30 rsi, opposite of entrance.
Example: Usd/jpy, rose to about 92.96 moving above 70 rsi, proceeded to close below 50 rsi (price about 92.60) continued to move down to 30 rsi.
After typing this and looking at charts I see that Gbp/usd worked better using this strategy, but that the basic idea.
Claudia, please feel free to contact me here on this thread if you have any question, have a great day.
Still holding previous positions.
Usd/jpy -36 pips
Usd/chf +34 pips
Gbp/usd +15 pips
= +13 pips
Classic FX
Balance start date: 27/06/09
Closed trades,
+ 288.7 pips