Now GBP/USD trade on 2.0380. Today we will test 2.04 - it is very strong psychical barrier. Breaking this level will opening us new high. Poissible the pair will reach 2.06 in the end of month.
I am so scare about trading it. It's too high to go higher (the uptrend must be end some time) and the uptrend is too strong to go short (do not when the uptrend will be end).
Can we vote how many people go long and how many go short?
Long Trades for the GBPUSD
I am Long GBPUSD.
2.0600 could be achieved within the week.
I am looking at reaching 2.1000 next month or 2. Meaning Cable could reach this high level in September.
Last year when I started trading forex, AUDUSD was at 0.7470. Somebody brought up a bank forecast of Aussie going 0.8100. Look at where it is right now..... 0.8740
Cable then was 1.8540..... now we are at 2.0400 and still going strong upward. If you consult people who do Elliott Wave Analysis, you will find them positioning themselves for Long GBPUSD at least some of those I know.
Placing LONG Trades on the Cable is not as easy as that though. You can face large drawdowns when your entry is ill-timed. It is best to learn it before you use EW. Otherwise, you can stick to profitable systems in this forum for intraday trading.
I would think that it is bad for manufacturers and consumers in the UK when the pound is double the dollar. The last month has seen such a large run up that it may be ready for a pull back or correction. I hope so. I have a short position and I need it back to 1.9900. I think it will get there, but may take a couple of months.
You are short on GU and u want it to make it back to 1.9900 for u to get a profit?? have u ever heard of something called a stop loss?? yes, as u said, it might get back there after a couple of months but in the meantime, imagine how much money you would be losing in interest...and also imagine what trades u could have taken and how much money you could have made by using the money which you have now locked in GU??
all cos u did not have a SL?? criminal waste of time and money....
I agree with ns karthik. SL is a must for trading. Please let us know your SL whether you are long or short.
I'm actually collecting interest. I don't know who your broker is but short GBPUSD collects daily swaps. Not much but enough. Also, the trade size is such that my account can handle it. If you learn about money management and historical patterns, you can trade without stop losses and not get hurt. You simply have to size your trades according to your acct size.
You trade your way and I'll trade mine. Thisthread is about a discussion of GBPUSD, not trading methods.
In case of retreat a pair till the 2.02 level we will see good opportunity for opening long positions.
Gbp continue increasing after release of inflation and consumer prices data in UK. The pair is traded now below 2.0440.
Now I wait USA statistics.
Can not believe it. It may break 2.06 today. I hope every one makes some profits.
i'm sure it happening today