GBP/USD freebie trading strategy

[neilcharlton]

chart

 

[Newtron Bomb]

Nice

Think your right with forex you can keep it simple and it will give.

 

[Lambchops]

NB - Are there charges for financing your overnight trades?

 

[Newtron Bomb]

If you trade cash market with cmc there will be, you may also loose a few ticks daily when they close and reopen your position sometimes it in your favour sometimes its not.

If your concerned about financing costs then look at a smaller time frame say 5 mins or even 1 mins and just day trade this. You get some good moves from about 730 sometimes...
Entry may be the same ie MA pullback or you can try looking for a BO of a tight overnight range in this case you can tighten your stops accordingly as you will know where the sup and res will be.

HTH

 

[greefie]

NB-what is BO?!

 

[temporarilylight]

Break out?

 

[darrenf]

amongst other, less pleasant personal problems!

 

[dolton]

granted JT, but i only chose the last week in sierra to........

NB...can you please advise the Exchange used in the Sierra/MT
package to trade Forex?

 

[Newtron Bomb]

Yeh I use mytrack and sierra... the code for gbp is cu.bp

 

[Newtron Bomb]

JT
just read your upset about eing highjacked... so ill put them here

Long gbp 1.5945

 

[Newtron Bomb]

Not surprisingly stopped stopped out for -30 missed my reversal entry so waiting for the moment

 

[warm_machine]

Lambchops...if your short the higher yielding currency you pay the interest rate differential...if visa versa then u receive the difference...what the difference is will depend on what your broker bases their instruments on...it might not be the "market rate"...ie it is not simply a case of subtracting one interst rate from another...so check with your broker first!!!

 

[JonnyT]

Wasn't upset, just having fun

O'i get orf my land.

JonnyT

 

[Newtron Bomb]

..taking it to the extreme JT... but on the count of three you better back peddle you sweet a*** out of here

 

[Newtron Bomb]

A late entry but long 1.5930

 

[Newtron Bomb]

Added to position @ 1.6005
Added to Euro/dollar @ 1.1220

 

[Lambchops]

Does anybody think we need a thread like Bonsai`s FTSE where we can discuss different strategies and post trades on the same thread. Those capable may even post some charts etc.

 

[darrenf]

good idea. I was thinking along the same lines myself. I don't anticipate being a daily contributor as I'm not trading intraday but I'd be very interested to see a thread like this and would particapate as much as poss.

 

[Newtron Bomb]

Lambchops, darrenf
i thought that was what i was doing.. but i assume you mean a dedicated monthly currency thread like Bonsai's

I'll start a properly titled thread for next month if you like but for this month we can use this one..

I will be trading GBP and EU/$ regular again now.
I'll put a chart up my trades today and why i entered to finnish the day off.

 

[neil]

Dollar/Euro

Hi Newtron
I've watched the above pair for a while on Sierra charts/Mytrack feed.

I use T-Sim as an interface with Interactive Brokers for ease of trading.

At certain times of day...usually UK and US market times....it seems to chart well trend wise on a one minute chart.

Can someone of experience comment as to whether or not one could trade this beast with a good chance of success during UK and US market open?