Gbp/usd

[affirmer]

Pick yer brains if I may......

After watching the GBP go to nearly 1.95 I expected some pull back before it challenged the magic 2 dollar mark. I decided to go long when it reached 1.8760.

Having just watched it continue to go against me (we are currently at 1.8637 a drop of 143 points which see's my account in a horrid minus figure!), I am getting concerned.

All fundementals IMHO point to a weak dollar still but have I missed something? I don't mind sitting out a slide against me if there is a strong bounce ( I have until March and a comfortable stop loss) but I feel that the 'recovery' of the dollar has been based on nothing! So my confidence is wavering in my theories!!

So over to get some chat and opinions from you guys. I am happy, in a sense, to cut my losses if a trade moves against me and not sit and watch my cash go down the drain but my analysis is urging me not to. We all use charts etc but still interpret them differently (thats what makes the market bulls n bears - and allows me to make money) but I would be interested in other peoples take on the situation and where we are heading.

It's lonely watching trades go in the WRONG way!!!

 

[TWI]

Pull back is due to extinction of dollar bulls, i.e. all already short dollar, MPC talk of potential sterling rate cut and FED's latest drive to raise US rates at every meeting until real rates get back to at least 0.
I agree with you regarding long term prospects of the dollar, the US economy is toast and far greater devaluation is required if the US is to continue its global ambitions but these FX markets were/are well in need of a pullback.

 

[affirmer]

I'm just wondering where the next support is and how far it will pull back to before a bounce. And more importantly in what time frame. I had a Resistance of 1.8760 but I've adjusted my parameters and now my chart is showing 1.8400!! That's a hell of a pull back. I think I might quit this trade but I am hoping of a small pull in the other direction to minimise my losses. Do you think that we are likely to see 1.870 again this month?

 

[affirmer]

yep futures

 

[Rhody Trader]

The markets have a way of confounding the most.

IMHO the chatter just got a little to bearish for the USD. EVERYONE knew the USD was going down. We were about due for a shake-up to introduce a little confusion once more.

The interesting thing for me is watching the divergence between the European currencies and CAD and JPY.

 

[DESKPRO]

Pick yer brains if I may......

All fundementals IMHO point to a weak dollar still but have I missed something? I don't mind sitting out a slide against me if there is a strong bounce ( I have until March and a comfortable stop loss) but I feel that the 'recovery' of the dollar has been based on nothing! So my confidence is wavering in my theories!!

It's lonely watching trades go in the WRONG way!!!

... comfortable stop loss... what exact % of your equity is this comfortable stop loss at?

 

[cj12]

i have gone long eurusd at 1.3140. looking to get out at 1.3250

 

[axthree]

I got in at 1.3120 pulling the plug at 1.3180. In the meantime I suffered a small drawdown but have left it open,

 

[s-a]

i have gone long eurusd at 1.3140. looking to get out at 1.3250

I don't even see a quote up there.... Are you talking futures?

HG

 

[cj12]

Pick yer brains if I may......

After watching the GBP go to nearly 1.95 I expected some pull back before it challenged the magic 2 dollar mark. I decided to go long when it reached 1.8760.

Having just watched it continue to go against me (we are currently at 1.8637 a drop of 143 points which see's my account in a horrid minus figure!), I am getting concerned.

All fundementals IMHO point to a weak dollar still but have I missed something? I don't mind sitting out a slide against me if there is a strong bounce ( I have until March and a comfortable stop loss) but I feel that the 'recovery' of the dollar has been based on nothing! So my confidence is wavering in my theories!!

So over to get some chat and opinions from you guys. I am happy, in a sense, to cut my losses if a trade moves against me and not sit and watch my cash go down the drain but my analysis is urging me not to. We all use charts etc but still interpret them differently (thats what makes the market bulls n bears - and allows me to make money) but I would be interested in other peoples take on the situation and where we are heading.

It's lonely watching trades go in the WRONG way!!!

affirmer

looks like you pulled you money back on this trade,

Im also out at 1,3250 form long 1,3140 EURUSD

s.a

Im using spot prices not futures

sun

 

[affirmer]

sun

yes, praise that USA deficit!!

Back on course now