Traders beware

[RobM]

Anyone in GBP positions make sure you close them now. Mark Carnage is about to make a speech - you know how much he hates the sterling.

 

[dee]

Anyone in GBP positions make sure you close them now. Mark Carnage is about to make a speech - you know how much he hates the sterling.

Given US figs just out might be a good time for a short

 

[RobM]

Yeah I am now 2% up. It's always the same. The GBP climbs slowly and steadily, figures look good GDP etc, then Mr Failure opens his mouth and runs the currency down, it drops, then after he's finished continues rising again. All because he hates brexit and doesn't like the figures coming out. Your currency would have been a lot stronger without him - he is in the wrong job. Still he's consistent at making me money

 

[dee]

oooh....wish i hadnt just tied up all my remaining trading funds in some TRX.Its well overbought on dailies and you at top of channel. You might do well

 

[RobM]

Yep following the set pattern. Out at 7% - thanks Mark. I was trading GBP/JPY because we had the double whammy of the JPY strengthing. Wasn't worth GBPUSD in my opinion due to the general weakness of the dollar.

 

[dee]

Youre out at 7. Do you not just set a stop and see if it runs ? Or did it stop out at 7?

 

[martin-s]

Keeping Sterling low is good for exports. Maybe it's intentional

 

[RobM]

No I had a set risk/reward at the previous lows and around the 120EMA. His waffle isn't usually enough to actually reverse the trend - he just usually undoes all the good in the previous weeks. 7% for 0.5% risk was great for me. There may be a bit more movement but we're on strong confluence of the upward trendline, the 120EMA, and some previous support levels.My technical analysis won't let me go in for more - 'gut' feeling isn't enough. I actually got out on the EXACT low (so far) of this hour

 

[dee]

Keeping Sterling low is good for exports. Maybe it's intentional

Lol...maybe Mark has a massive export business we dont know about

 

[dee]

No I had a set risk/reward at the previous lows and around the 120EMA. His waffle isn't usually enough to actually reverse the trend - he just usually undoes all the good in the previous weaks. 7% for 0.5% risk was great for me. There may be a bit more movement but we're on strong confluence of the upward trendline, the 120EMA, and some previous support levels.

On what timescale you sitting ? Dailies ? 4H ?

EDIT 15m ?

 

[RobM]

I trade usually hourly. I like to be in and out within an hour or two. Rarely do I leave positions open beyond Friday.

 

[RobM]

If you've got the stomach for a bit of risk if this breaks lower than current bar low of 154.82 (gbp/jpy) there's nothing really to stop it until 154.51 - could be a nice 31 pip move.

 

[dee]

I trade usually hourly. I like to be in and out within an hour or two. Rarely do I leave positions open beyond Friday.

aah ok. Thought it would have to be one of the shorter timescales looking at 120 EMA. I've learnt the hard way leaving over the weekends. Some hideous gaps and they always seem to go in wrong direction.

 

[RobM]

There we go

 

[dee]

Never traded gbp/jpy before. Looks like you get some nice channel runs on hourlys

 

[RobM]

Yeah it's not a currency pair to be taken lightly though because it's so volatile you usually have to put in quite a risk. Good at night as well when the UK session is shut but the asia session is open. That and USD/CAD are my favourite.

 

[dee]

Yeah it's not a currency to be taken lightly though because it's so volatile you usually have to put in quite a risk. Good at night as well when the UK session is shut but the asia session is open. That and USD/CAD are my favourite.

I like USD/CAD. Hugely oil driven . I'll check out gbp/jpy . Volatile is good !