PAGuy
Short

Bad Risk:Reward

FX:GBPCAD   British Pound/Canadian Dollar
87 14 0
I am not trading this as the R:R is bad and against the trend, but its whats gona happen...
Here's my update.
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PAGuy ForceFollower
Nice nice, I stayed out of this market :)
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Thank you for your feedback and the discussion partly caused by my comment. Sorry, maybe it's late I don't get it, but what does PA stand for? I just can't figure it out.

Anyway, what's the rationale behind my long position? Here:
1) the market has found (a switchback) support at the parallel line of a fork (see the chart),
2) for the recent couple of days this market has been the strongest pair among the majors - such markets don't give in just dumped without any substanstial correction,
3) the British pound itself is clearly extremely oversold and it can't stay like that for too long. On the other hand, the Canadian dollar is overbought and though it may remain strongish for some time, soon it is bound to weaken (and according to my measurements, this pair is still in top 5 strongest trends among the major 28 pairs).

I understand that there is no clear pivot here, no swing low to hide the stop behind, so it's kind of hanging in air (a cash stop, the jury is still out, whether this low will hold), which I don't like, but I've got it in place as well as the target (see the chart). I nonetheless entered it bearing in mind the reasons listed above.

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PAGuy ForceFollower
PA means Price action, that is how I work out what is happening, by studying the way price reacts at certain levels, and where price is at at present, is what I would call no mans land, therefore taking a position from here would be a very bad move.

I see why you have positioned here, but price hasn't really reacted to your level, giving me the signal that it will move further down, also the massive bearish engulfing on the daily and H4 and H8 is also telling me not to go long yet.

I think you need to wait until price comes down to the yellow line on ur chart before looking to go long.

Cheers,
Adam
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It is a no-man's land indeed, Adam. I can't agree with you more. I may have responded to the current support too soon. If it wasn't for the strong fundamentals, I'd wait for more confirmation. And just think that on Thursday people on twitter were calling targets like 1.92!
Piotr
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PAGuy ForceFollower
That's why you don't read twitter and other BS sites for info lol, read the charts, nothing else, most people on twitter IMO are newbs haha.

There might be a retracment upward tonight, I am not sure, but if you are in profit, that maybe a good place to exit a long position, just my opinion mate.

Cheers,
Adam
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Ok, off the top of my head if I had to go long here (I don't know anyone else's reasons but I could come up with one right away if forced).
I think some traders find it hard to take a stop etc, while others play the numbers game, the R:R for this is great at a proper position size.

snapshot
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And if you want something off the 240 well this could work as well, trend is up, PA showed hesitation and temp bottom and push up. Aggressive perhaps but totally within reason.

snapshot
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I dont get the analysis,,, why did u buy ? I dont see a signal ?
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That's why, I've just gone long...
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