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Very valid point above
we also had a another indicator which kept me ou of the market
The Long-legged Doji is composed of long upper and lower shadows. Throughout the time period, the price moved up and down dramatically before it closed at or very near the opening price. This reflects the great indecision that exists between the bulls and the bears.
Long-legged Doji
Trading during major news is more of a gamble you miss out on the big moves.
Better to be out of a trade wishing you were in Than being in a trade wishing you were out.[/QUOTE]
Stops and limits (and or trailing losses are) (IMHO) the only way to trade. Unless you're scalping I've never understood any valid reason against the extra couple of pips cost...D'ya know, I could see that my pairs charts were 'odd' yesterday, not just GBP...perhaps a precursor? I'm gonna keep sitting on my hands on GBP pairs...perhaps until Monday....
Very valid point above
we also had a another indicator which kept me ou of the market
The Long-legged Doji is composed of long upper and lower shadows. Throughout the time period, the price moved up and down dramatically before it closed at or very near the opening price. This reflects the great indecision that exists between the bulls and the bears.
Long-legged Doji
Trading during major news is more of a gamble you miss out on the big moves.
Better to be out of a trade wishing you were in Than being in a trade wishing you were out.[/QUOTE]
Stops and limits (and or trailing losses are) (IMHO) the only way to trade. Unless you're scalping I've never understood any valid reason against the extra couple of pips cost...D'ya know, I could see that my pairs charts were 'odd' yesterday, not just GBP...perhaps a precursor? I'm gonna keep sitting on my hands on GBP pairs...perhaps until Monday....
Even with all the technical analysis help, the final move is an mix of instinct and gut feeling.
but like you say there was an uneasy feel all day yesterday which finally resulted in that doji.
More like - why you don't trade important figures when the market has unrealistic expectations.
Buy on the rumour, sell on the news.
These rumours I never seem to get in on the act .
How does one get to be invited to them?
I confess that I am not a cable trader so am in the same boat as you. Nevertheless, on a 5M chart, the signs were there before 0915----or is that hindsight.![]()
I confess that I am not a cable trader so am in the same boat as you. Nevertheless, on a 5M chart, the signs were there before 0915----or is that hindsight.![]()
Even with all the technical analysis help, the final move is an mix of instinct and gut feeling.
but like you say there was an uneasy feel all day yesterday which finally resulted in that doji.
From the beginning of the collapse at approx. nine, until 9:30, there was still a huge window...even shorting at 9:45 still left a lot of pips available across the 3 main GBP pairs. Two problems; firstly I wasn't around to take it (makes mental note to self to look into EAs) and secondly I find if you're in a swing trade mentality then these sudden movements often leave you paralyzed with indecision... I need to work on that...![]()