PAGuy
Short

Bad Risk:Reward

FX:GBPCAD   British Pound/Canadian Dollar
86 14 0
I am not trading this as the R:R is bad and against the trend, but its whats gona happen...
ForceFollower
2 years ago
That's why, I've just gone long...
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PAGuy ForceFollower
2 years ago
You went long when PA is saying short? Hmm, seems legit lol. I would wait until price comes down more before going long or you better prepare to be stopped out...
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xologeis PRO PAGuy
2 years ago
Really? Well none of us have a crystal ball but here's a quick 60 to pull an idea out of thin air ;D
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PAGuy xologeis
2 years ago
Maybe a short term retracment back up to 1.84, but I couldn't see much more, today's candle is very bearish, and I wouldn't buy into such a strong move down. Wait for PA at a lower level to go long.

I have never used the pitchfork, so I don't really know how to use it, but if your strategy is saying buy, then buy, mine is saying sell lol
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xologeis PRO PAGuy
2 years ago
heheh you tend to work in broader strokes I see... even up to 84 is 100 odd pips, tons of cash to be harvested unless one trades tiny tiny lots. Each to their own as you say, but live and let live eh. Everyone can disagree and still all make money ;D
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sound.shai
2 years ago
I dont get the analysis,,, why did u buy ? I dont see a signal ?
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xologeis PRO
2 years ago
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.

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xologeis PRO xologeis
2 years ago
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.

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ForceFollower
2 years ago
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
2 years ago
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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ForceFollower PAGuy
2 years ago
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
2 years ago
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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ForceFollower
2 years ago
Here's my update.
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PAGuy ForceFollower
2 years ago
Nice nice, I stayed out of this market :)
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