Hey Guys! I had a nice short trade in place, and my SL was hit by 1 pip on that spike. I had it too close. Will I ever learn? I should have set it further out like Auslanco's. I will be going short again once this breaks below 231.50, or if we get ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Something to think about: If a trader is wrong 100% of the time, and if it gets worse, will the trader start making money? Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

AlphaGA, Most, but not all brokers allow hedging. I basically open up an opposite position and click "Hedge", so it doesn't close the original. I adjust my stops to create a straddle. A lot of traders say it doesn't make any sense to do this, but ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Bill77, The chart pattern told me to go long. I saw what appeared to be a double bottom. It may not be a technical double bottom, but support was tested twice. There was a steep bounce off of 233.90, and then that same level of temporary support was ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Auslanco, where did you get in long at? Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

Nice! :-)

Auslanco - GBP/JPY and GBP/USD (newstrade)

My long entry is 234.29. This is looking more long than short, so I might close my partial hedge. Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

I understand completely. I definately make my own calls, but just take lots of input in combination with my own technicals. Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

Thanks. Ok, I'm hedging my longs now. :-) Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

Richard, was that you that posted the picture of the mountain with the last drop?

Auslanco - GBP/JPY and GBP/USD (newstrade)

Ok, so much for the pennant, it was broken. But, when this does break above the temporary resistance, it should move up nicely. Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

The longer this sits here, the higher it should move if/when it breaks above. If the formation is broken to the downside, it will probably retrace at that point. Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

Anyone else seeing this pennant formation on the 5 min chart? If it breaks above 235.60, it should be a decent move up. Emphasize the words "should" in the previous sentence.

Auslanco - GBP/JPY and GBP/USD (newstrade)

Auslanco, It doesn't look like this wants to retrace. If it continues north past 235.40, I might jump in again. Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

:-) I need to remember that. Impatience is what usually gets me in messes. Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

Almost ready to go long anyone? How far do you want this to go past the fibo level before going long? Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

Do you or did they mean 2 billion dollars worth of puts? If you buy calls, then you profit if it goes up. If you buy puts, then you profit if it goes down. Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

Auslanco, Did you get out of your 20 lots safely? I saw a little drop, so maybe that was you selling. :-) AUD/JPY is going up because AUD is getting stronger. JPY doesn't appear to be a factor in the small move up. Frank

Auslanco - GBP/JPY and GBP/USD (newstrade)

Why is it that spikes never or rarely happen for Take Profit? I had a 200 pip spike once that hit my stop loss - it hit it to the EXACT pip. But, my limit orders for take Profit, never once has that ever been hit in a spike. Something to think about.

Broker complaints get over it ?????

Auslanco, Thanks! I'll be watching for the dip to close the gap as well. Sorry to hear about the typo with the 20 full lots. I guess it could be really good or really bad. That's good that it's at least in a profit. I've done that numerous times, ...

Auslanco - GBP/JPY and GBP/USD (newstrade)