Wednesday 25 July 2012

Charts


GBPAUD

Was looking to start building a position long on this pair. Should have got stopped at break as had 1st position up 100+ pips at one point then added 2nd position and got stopped from news.
Got slipped by the broker on my stop by 30 pips. Should not have taken the 2nd trade leading into major news. Lesson learnt!

J
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5 comments:

  1. Anonymous26 July 2012 at 03:21

    I have a small short and aslo looking to load some longs...just waiting for PA to show the way.

    ReplyDelete
  2. Benny26 July 2012 at 05:30

    Hi Jay,

    Looking at the same trade myself for the last few days. looking for confirmation that its heading north. I thought had a potential entry shaping up with a trend break. but it found no support on the line and has now broken below the 1.5100 handle and formed a LL?
    what would have you confident its starting to rally? HH?
    I've been scratching my head at this one. :P

    ReplyDelete
  3. Anonymous26 July 2012 at 17:47

    sorry for jumping in Jay...but i will tell you what i might look for Benny..price has broken out of the 1.5000 pivot...if it doesnt follow through, i will look for a false BO...that will be my aggressive entry, but if you want to take a conservative entry...you start looking for longs if price goes above the 1.5270 pivot.

    ReplyDelete
  4. jaymfx@gmail.com26 July 2012 at 20:32

    Hey Joe....jump in whenever you like mate! That short heeps looking better and better ;)

    Benny just as Joe mentioned earlier "just waiting for PA to show the way". I think that is all you need to do. Currently though with all thats been happening on GBP this pair has been tanking and shorts are in play but as soon as we start to see HH and HL it could be worth chasing as there is potentially a long way to go. Because price has been moving down for quite a bit it potentially could also go into a range for a couple months before making its move back up like it did in the beginning of the year. Just have to wait and see.

    J

    ReplyDelete
  5. Anonymous26 July 2012 at 23:05

    Thanks Jay....
    Price broke out of the 1.5000 level, but hasnt followed through...FBO...looks like a bear trap...now am looking for PA to set me up for a long trade if we stay above 1.5070...my short was closed at BE on the last position...but took some profits on the 2 positions...

    ReplyDelete

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