GBP/USD 123's

I went long the GU earlier this week. Here are the real-time pictures and my current equity curve. Doing pretty this year.
 

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Well I am done trading for 2011. December usually has such a lack of volume that I don't trade it. Everyone be safe and enjoy the holidays. I'll be back after the 1st of the year. Below is my Equity curve of 2011, not a bad year! :cool::cheers::drunk:
 

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Hey Traders & T2W,
the above post is a someone that is trying to drum up capital to trade. Since this is my thread I thought I'd reach out to them since they left their Skype ID. Traders make your own decisions but beware, they have in my opinion ridiculous claims of monthly returns of 50%+ with less than 1% draw-down. I was sent what looks like a bogus trade statement that is barely 30 days long.

And now you know, everyone be safe and enjoy your holidays! :)
 
who.... me??? :-s

nooooo.... y would i be looking to ask for capital...???

and i definitely don't provide no service or plan to provide service to random members of the general public.

so either you have the wrong person, or u have the wrong person...... !!!!!
 
deebee1 said:
who.... me??? :-s

nooooo.... y would i be looking to ask for capital...???

and i definitely don't provide no service or plan to provide service to random members of the general public.

so either you have the wrong person, or u have the wrong person...... !!!!!
Click to expand...


No not you, T2W must have deleted the post that I was referring too. Sorry for the confusion. Looking forward to your interaction on my thread! Enjoy your holidays!
 
Jumped in short the GU, first trade of 2012. Its good to be back trading, hope everyone had a good holiday! :cool:
 

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The short GU trade turned out pretty good. Price stalled at the 144 so I locked in profit. Not a bad first trade. (y)
 

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Price bumped me out with 147 pips and 4.47%. :cool:
 

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Looks like I was a little too conservative with my stop, bumped me out by about 15 pips. :LOL: oh well, still a good trade.
 

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Hmmmm.....
Wave 4 was the reason for the stall, as it will typically retest the 0 line on the MACD before wave 5 pushes on down for the finish. Had you stayed in, as I did, you would have finished your trade. 4.47% was a really good trade though. I was lucky enough to get 62% this week. My account is not nearly as large as yours.
Great job!!!!!

Pipmaster1 said:
Price bumped me out with 147 pips and 4.47%. :cool:
Click to expand...
 
Long GBP/USD
Buy @ 1.5430
Stop Loss @ 1.5360
Take Profit @1.5550
Over sold on stochastic and strong resistance around T/P.
What do you think?
 
forexkunta said:
Hmmmm.....
Wave 4 was the reason for the stall, as it will typically retest the 0 line on the MACD before wave 5 pushes on down for the finish. Had you stayed in, as I did, you would have finished your trade. 4.47% was a really good trade though. I was lucky enough to get 62% this week. My account is not nearly as large as yours.
Great job!!!!!
Click to expand...

Nice job holding on to the trade. For me I like to see it go to the 89 line and then retrace, if price goes to the 144 as it did it seems that price has more of a chance to just change direction. I also didn't care for how long price was flat, seemed like too much indecision in the market. It perfect hind sight I should have kept my stop above the EMA's on my charts, in real time however I did not feel this was locking in enough profit. Great trading.
 
mooneyja said:
Long GBP/USD
Buy @ 1.5430
Stop Loss @ 1.5360
Take Profit @1.5550
Over sold on stochastic and strong resistance around T/P.
What do you think?
Click to expand...

Mooneyja,

I think you could get some movement in your direction. In the last picture I posted you can see price bouncing off of the 233 line, this can be a point where price turnes around. I would say that I rarely get in the market on Friday and especially not "non-farm" Friday ( 1st Friday of every month). I am not looking at a chart at the moment but if memory serves I think you are correct about the resistance around the T/P. Perhaps tomorrow or Monday post some pictures and we can discuss it further.
 
You have a great thread going here, PM1. It is always refreshing to see someone find a method that works to their advantage and trading mindset. Something very few can do. As for myself, I have totally embraced the Elliott Wave Principle and can no longer look at charts without that influence. But based on all of the systems and scams out on the internet, having a way of looking at things that has been around for over 70 years is an advantage. There are not many systems out there that can stand up to that kind of duration. Trading should be fast and furious this year, so good luck and good pipping.
 
mooneyja said:
Long GBP/USD
Buy @ 1.5430
Stop Loss @ 1.5360
Take Profit @1.5550
Over sold on stochastic and strong resistance around T/P.
What do you think?
Click to expand...

mooneyja,

I have taken a look at the charts tonight and your trade. To be honest it doesn't look that bad, you are against the trend which is fine just keep in mind that there is quite a bit of resistance between price and your limit, at least in my view. I have posted two charts, one is a 30min chart and one is a 60 min chart. I have marked your entry, stop and limit. The purple lines are where I would expect price to find resistance if not turn around and resume the downtrend. If price does turn down and stops you out I could see price going to the 377 line.

Also on the 60 min chart I have a moving average channel that price likes to move back too before resuming the current trend. If it was me and I saw price stalling in that area I would really tighten my stop up. At the same time since price gave such a nice bounce off the 233 line price could start to gain some momentum and you could be in a very good trade. Either way trade and money management is what will make this one work for you, reacting to price action in real time. Your stop looks pretty good, however 1.5360 is the low on the 29th, personally I would have put my stop just under that low. Just me, nice job. ;)
 

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mooneyja said:
Long GBP/USD
Buy @ 1.5430
Stop Loss @ 1.5360
Take Profit @1.5550
Over sold on stochastic and strong resistance around T/P.
What do you think?
Click to expand...

mooneyja,

Now what do you think? Are you still in your trade? Have you moved your stop at all?
 

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