Best Thread GBP/USD Breakout

Well I followed my rules and just took a loss. Oh well live to fight another day.
 
Phew! that was quick.
There is no time for manually trading at 6 really,Its a question of placing the orders and then sitting back.
Today was very pleasant, every time I put a close order it was rejected for a better price.
Hope everyone did well.

As far as She who must be obeyed is concered I am still working so no dreaded shopping.:devilish:
 
Well I followed my rules and just took a loss. Oh well live to fight another day.

Hi Claudia and all, been watching for last couple of days and really like this friendly thread, so thought i would pipe up lol! I also trade this although i take my signals at 6.30 instead of 7am. Each to there own i suppose but the bottom line is we make pips most days but not always. A day for licking your wounds today Claudia and as you said earlier in the thread losers will come you just have to accept them as you did today by sticking to the plan.

Tommorrow is another day and today you could always go buy some shoes anyhow to make yourself feel better lol (y)

CJ
 
Why short at 16202?
I have the Aussi low as 16243

Cable just before the open. Had I not been in the tea house earlier I may have taken Short at 250 as well. Frankly I am asking to get burned Gamma but worked out today.
 
The Bigger picture shows a definate downtrend
Question is at what point do you enter avoiding pullbacks?
It appears that the fib in operation is the 17045 swing high to the 15710 swing low.
It has broken below the 38.20 fib point at 16223( which probabily explains that sudden drop this morning)
However in order not to get burned we need a good point to enter.
Doing a fib on the 5 min charts from the most recent swing high 16275 to recent low shoud give us the fib points to watch possibly for a good entry.
Rule of entry is
Look for a reversal candles at pull back fib
If price spikes upwards of a fib point do not enter wait for next fib point.
We are not looking for exact and sometimes it might just shoot past with no entry signal the important thing is you have not entered too early or entered at a reversal of trend.
here are the fib charts
 

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It has broken past all the daily pullback fib points not giving us a signal.
Next possible testing area is the Aussi high, If it breaks past this point , we are possibly looking at a bigger pullback using the 16490 high to 16170 swing.
 
Not so many posts today, looks you were right Claudia. However, I'll cheer everyone up, and post a "DON'T DO THIS" message. I was very organised this morning, had my levels picked and orders placed. I got a call about a car problem so went and looked at it. Unfortunately in my rush to place my orders and be organised, I didn't give my normal 20 pip SL, but A 200 pip one instead.

Luckly for me, I closed out for -40.5, but it was a close call. Tomorrow, I will not be leaving my PC while in a trade. MY NEW No.1 RULE.............CHECK MY SL
 
I have deleted this post by mistake.
meant to reply to it
I am most sorry mods.
 
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The thing is Gamme, you either have rules and set ups and follow them, or you don't. My trades are based on the break of 6am candle high/ low. Over the last few weeks, and 20 odd trades, |I have had 2 losers. I am looking at charts from 6.15am, and often see set ups (liked cable short from 1.6198), but my criteria wasn't met, so no trade. As it turns out, I would have made my target, but hey, that's life, and I'm over 80% sure that I'll make my target tomorrow.

However, I do think that getting your wife up earlier would help.........
 
I am shorting Jimmy Choo, just for today.
Based on my correlation theory between Claudias trading and her shopping habits.

Interesting Fib view, gamma. Might re-look at it.
The move down and move up was weird. I cant see any clear sup/res areas/zones.
I got nothing, as I have just woken up.
 
The thing is Gamme, you either have rules and set ups and follow them, or you don't. My trades are based on the break of 6am candle high/ low. Over the last few weeks, and 20 odd trades, |I have had 2 losers. I am looking at charts from 6.15am, and often see set ups (liked cable short from 1.6198), but my criteria wasn't met, so no trade. As it turns out, I would have made my target, but hey, that's life, and I'm over 80% sure that I'll make my target tomorrow.

However, I do think that getting your wife up earlier would help.........

No, I totally agree with what you say about having rules and sticking to them, and you're speaking from a strong position based on good results - an 80%+ win rate is obscene.

I was really just thinking out loud. And it certainly wouldn't hurt me to get a better idea of how early morning price action can go. I'll get Mrs Gramme on the case immediately!
 
When you explain to her, how important it is for her to be awake early, please take the appropriate precautions (helmet/ body armour etc), and please don't point her in the direction of my post.

One thing I have noticed with the losers I have had, they broke the level one way, went for a bit, and then reversed and went through the other level fairly strongly.
 
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i like that fib analysis. what do u look for on your entries to the fib gamma?

Hi Shikamaroo,
The point of using the fibs is firstly to not get caught on a reversal.
As we have seen today, the normal consensus would have been a continous downtrend, based on the daily and 4 hr charts.
Round the fib points we look for reversal candles
But like I said earlier if it has broken through the daily pullback fibs past the Aussi high/low then this fib is no longer valid, then its a question of switching to the larger fib.
Its also a good idea to keep an eye on the pivot points as you will find very often that the fibs coincide with the pivot points.
 
Hello everyone, just catching up. Sorry I haven't got any charting application with me today as I'm in midlands on business visit. What's happened today? Reading the posts it looks like some have hit profit target of 20pips and other did not?
 
Hello everyone, just catching up. Sorry I haven't got any charting application with me today as I'm in midlands on business visit. What's happened today? Reading the posts it looks like some have hit profit target of 20pips and other did not?

Basically it started heading south from 1.6250 between 6.30am and 7am. There was a rapid 25 point decline just immediately before 7am which caught me out. I had my entry point written down and ready (1.6201) but didn't have the order in. The actual low of the 6am candle got me in at 1.6179 but it didn't hit the target before reversing and stopping me out.

Seems something similar happened to Claudia. Gamma jumped in a bit earlier and came up smelling of roses!

Think the difference between winning and losing today for me was about 30 seconds.
 
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