GBP/USD

[Trademore]

Dear FX traders, let's take a look at this chart. What's your price projection? Any ideas.. 



Cheers

[Trademore]

I like a simple strategy.



Hope this will encourage more Malaysia to trade forex. Bring more equity to Malaysia.

Adios 

[swingtrader188]

I like a simple strategy.



Hope this will encourage more Malaysia to trade forex. Bring more equity to Malaysia.

Adios 

Great set up. It looks like a pullback entry strategy. In this case enter long when trend is bullish after a correction.
I am curious to know how you use the RSI.
Are you on demo or live a/c?

[Trademore]

Already in real account again last two month. I'm happy with Tadawulfx. Spread is fix no matter how volatile is the market. No swap. Email respond is very good. Really answer my question. The only draw back is the pip value is according to pair. For example GBP/USD 1pip = EUR 0.73. EUR/JPY = EUR 0.88. But I still satisfy with that as they treat this matter as business profit sharing like what Al-Rajhi bank terms when we make a business loan. When I make money, they also make money as they not charge me the swap and spread is fix. For me it's fair. I can hold my floating position without worrying to pay or earn any interest rate.

[Trademore]

Another setup for GU. Anyone to comment? Of course entry with MM.



Adios. 

[swingtrader188]

Already in real account again last two month. I'm happy with Tadawulfx. Spread is fix no matter how volatile is the market. No swap. Email respond is very good. Really answer my question. The only draw back is the pip value is according to pair. For example GBP/USD 1pip = EUR 0.73. EUR/JPY = EUR 0.88. But I still satisfy with that as they treat this matter as business profit sharing like what Al-Rajhi bank terms when we make a business loan. When I make money, they also make money as they not charge me the swap and spread is fix. For me it's fair. I can hold my floating position without worrying to pay or earn any interest rate.

Good luck to you.
I know you would know this but I find the key to success are:
(1) Consistent application of trading strategies with objective trade set-up, trade management, entry and exit rules.
(2) Money management, i.e. 2% and 6% rules to control risks because no trading strategies work all the time, and, 50% withdrawal of monthly profit.
(3) most important the discipline to follow (1) and (2).
I wish you success in your FOREX trading.

[Trademore]

Swingtrader188, thanks for your advise. This is my 2nd times real account. I study almost all sort of things on technical analysis after first times got margin call on 1st account within 8 months. Finally I found that nothing can beat the simple analysis and money management. I know for me to success in trading or any kind of business is to have stringent discipline in MM.

My stupid thing that I did in my 1st account was afraid of taking loss because I don't have MM and still thinking like stock market trader. Now, I realised that best setup will always be available in forex without waiting too long like stock market in Bursa. So why not taking loss while our profit still there to hold our confident level in forex.

Today, I already took profit on GU. I'm sure you know where was my target profit. I took profit without thinking whether is will go higher or else. Just obeying my technical analysis opinion. Target already set. Just grab the profit and I am happy now. 

Thanks again swingtrader188, I hope to learn more from you and your style of technical analysis. 

[swingtrader188]

Swingtrader188, thanks for your advise. This is my 2nd times real account. I study almost all sort of things on technical analysis after first times got margin call on 1st account within 8 months. Finally I found that nothing can beat the simple analysis and money management. I know for me to success in trading or any kind of business is to have stringent discipline in MM.

My stupid thing that I did in my 1st account was afraid of taking loss because I don't have MM and still thinking like stock market trader. Now, I realised that best setup will always be available in forex without waiting too long like stock market in Bursa. So why not taking loss while our profit still there to hold our confident level in forex.

Today, I already took profit on GU. I'm sure you know where was my target profit. I took profit without thinking whether is will go higher or else. Just obeying my technical analysis opinion. Target already set. Just grab the profit and I am happy now. 

Thanks again swingtrader188, I hope to learn more from you and your style of technical analysis. 

My guess is you took profit around 50-61.8% retracement level of the previous downswing on trailing 1 bar low.

Money management is the key but we also need a method with positive expectancy. For me I model my method based on the Dynamic Trading strategies described in Robert Miner's book - multiple time frame momentum, pattern, price and time positions analysis. Save me the trouble of developing my own method. Also the method suit my trading style since I trade the market swing. It took me a while to learn and apply it properly but now after about 6 months it becomes almost automatic and getting positive results.

I based my money management and record keeping on Alexander Elder recommendations in Come into my trading room.

[Trademore]

Update for GU. Market still bearish. Trade wisely.



Happy trading.