Long GBPUSD @ 1.5257

14.49 bst

Earlier today I got stopped out on my GBP long and it has now reversed smartly back up above my entry level. Going long again:

Long $20/pip GBPUSD at 1.5257, SL near today’s low at 1.5170.

This week’s trading is exhausting me. The yen pairs have turned down sharply, all in negative territory. We know that within a week UJ will surely be back near 103, but it is a real dilemma for me right now.

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5 thoughts on “Long GBPUSD @ 1.5257

  1. ZTak

    dont understand your long on eur jpy just below the up trendline it has been following since 27-02-2012

    calm down zen, you just made a post few days ago about chasing pairs.. and after that you started to chase and chase..

    use RSI it will help you so much… all your big messes (losses) are when RSI is at overbought/oversold lvls on yen pairs and pair bounces from lows or pullback from highs..

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    1. ZenFXTrader

      Thanks for the comment ZTak. I guess you mean the upper channel line, as the trendline is way below, near 131.50. That does look like a terrible entry! My system follows breakouts, so when the breakout turns out to be a fakeout the entries look the worst type of entries. Actually I’ve pretty good about following my system rules this week, except for entering before the close of the candle in GBP (twice) and closing before a valid signal in EUR. Both have caused losses (GBP) or missed profits (EU).

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    2. fxgai

      Last week Zen’s system produced a good result without RSI (or any other indicator one might shake a stick at). It’s still only just gone Thursday this week. Throwing in an extra indicator just 3 trading days after the close of a successful week would be like panic mentality, IMO.

      The nature of systems is that they will go through drawdowns. It might be nice to get positive results every week and every day and every trade, but this is nigh on impossible with system based trading.

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      1. ZenFXTrader

        gaijin, you hit the nail on the head. I am particularly wary of oscillators like RSI which tell you to get off a big trend like the one in the yen pairs right now. My system did suffer a bit this week, but most of my losses have been self-inflicted. Eg the early exits out of EU and GU shorts and subsequently getting whipped about. Impatient and impulsive trading. It seems to me that there is about a 7-10 day period each month when most moves occur, the rest of the time the market just chops around. In future, after a big move which should hopefully result in a big profit for me, I will just not trade for a few days after it. The chop and churn is demoralizing and ultimately unprofitable.

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  2. fxgai

    I very much agree with that observation about the big moves. So long as one is waiting around and can identify a big move correctly when it starts to happen there is good money to be made, even if there is only a handful of trades a month. Easier said than done of course.

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