GBP/USD Live Trade starting 9/11/09

Posted by Fetor 16 Comments

This is a live trade video of a trade I entered on GBP/USD at start of US session on Friday. This shows higher range targets with assessment of near term price movement so you can see the higher frame s/r and the near term s/r.

wannabe

Nice trade Fetor, I was in fact in a long trade on GU @ 1.6600 with a 55 pip stop, right before you posted the new blog entry. I am looking to close half at 1.6650 and move to BE then close final half at 1.6740 depending on how the price action is once those levels are reached . Seeing your levels, trend lines, and the way you played that GU sell really gave me confidence as I am seeing the same things. Now lets hope that buyers cooperate and the support level I have identified holds! Thanks again this was very helpful!
MiG

It was definitely very helpful Fetor!

Thanks a lot for the great live trade and I hope more will coming soon!

Cheers!

MiG
wannabe

The support line for the above trade above did not hold-stopped out-

http://www.forex4noobs.com/blogfet/ Fetor

Wannabe,

I know you were already in the long position before I posted the video, but at the end of the video I said I was going to wait to see how price moved over the next few sessions because of the gravestone doji on the D1. If you look at H4 there is one on the top there as well, but the D1 gravestone after that direct upward previous buying was enough to give me pause on taking a long position off the trendline though the price was in a potentially good spot for buying. In the chatroom we discussed that 1.6643 – 1.6652 was going to be the focal point for a move higher. If you look at your H4 chart you will see that from the top where I took my short trade (around 1.6730) there is a counter trend that guides the price back down to 1.6600. That counter trendline is where you should have waited for any longs if the price broke over 1.6643 – 1.6653 and over that counter trend to confirm for us a better place to go long and that the gravestone doji was not going to immediately affect selling. That’s why I chose to wait before taking a long position on G/U. I know you were already in it and your thinking wasn’t wrong in the sense of moving with the sentiment and trading off s/r, but in this case there were a few other elements we needed to include, specifically the candle patterns we were seeing on H4 and specifically D1.

Jim

Hi Fetor,

Great trade. Just a quick question. At what level was your stop loss there? Interested to see what the R:R of the trade was.

Thanks

http://www.forex4noobs.com/blogfet/ Fetor

Jim,

My stop loss line is there, but it’s hard to see. The R:R on this was 1:2 as my stop was about 50 pips around 1.6780.

Happy pips

Fetor, classic setup and worked out really well, as always many thanks for posting.
wannabe

Fetor,
Thanks for the post trade analysis there. I totally ignored the D1 and H4 gravestone Doji….Noob mistake. I am not used to looking for candle patterns, something I will work on. Thanks again.
NG

Hi Fetor,

great video and trade! Helped me a lot today. I second MiG – bring ‘em on and keep ‘em coming (live trades).

Cheers!
scott

video was very good.

thank you
scott
Damien

Fetor Thanks for Excellent Video
Damien
mugged

Fetor… thanks, this was very helpful…
hope to see more of these
FlashBack

Fetor – thank you.

Great video showing your execution and approach.

Really appreciate it, it’s very very helpful to see the live trade videos in addition to your course which is also fantastic!

thanks for all the help,
FlashBack
dallia

This video demonstrates some of the points you made in the course, very nicely I might add. A key point I took away from this video is that price rejected not only the Resistance line but also bounced off the upper trendline at the same time. Something you discussed in the videos.

Also a nice demonstration of using multiple time frames for entries and exits. Very helpful for a recent buyer of your excellent course.
Roberto

Hi Fetor. I am learning how to trade.
Congratulations by the sucessful trade. But I did not understand why you sold when the market sentiment was buying . I bought your videos course and the I learnt that when market sentiment is buying, we buy. I do not understand English very well (listening). It can be the the problem, but I read well.

http://www.forex4noobs.com/blogfet/ Fetor

Roberto,
I sold because the price was at the top and moving off the top of resistance where people sold before. Just because the sentiment was buying does not mean you can’t sell or vice-versa with a selling trend. You just need to be aware that in the process of trading against the trend you should on your toes knowing that you are in fact trading against the trend. If you watched the video I explain why I’m trading short and how the price has been bought into that area and why you can expect selling. I never say only trade with the sentiment, I only point out that you are generally more free when trading with the sentiment. If you are a new trader this is of course better while you are learning to choose moves with the sentiment.