Caught in gbpusd with large short position.

Discussion in 'Forex' started by hanneswas, Jul 10, 2021.

  1. hanneswas

    hanneswas

    Thanks everyone so much!
    So far I see here several ideas for going up and going down:
    Up:
    - long term GBP will go up?

    Down:
    - retrace on sma200@4h
    - retailers are not ready (sentiment on fxblue shows that only 20% are long.

    As of my strategy, I really think to have one but it lost some money a few days ago and I started to try to get it back with manual trades... Basically, it's a lack of discipline. :(


    So what more reasons(ideas) can we collect here for GBP to go up and down?
     
    #11     Jul 11, 2021
  2. billv

    billv

    Were you doing automated trading using an EA?

    OK but clearly you'll need to have some risk management in place so that the draw down does not get out of control? 20% in just 2 trades is way too much.
     
    #12     Jul 11, 2021
    hanneswas likes this.
  3. FTDK

    FTDK

    Close the position and move on.

    Never take such risk again.
     
    #13     Jul 11, 2021
    KCalhoun likes this.
  4. maxinger

    maxinger

    you traded 4 lots.
    you need you seriously review how many lots you can trade.

    You should have longed gbp


    day chart shows GBP is not really trending. it is moving in a range.

    last Friday, GBP and AUD were up significantly ( 160 pips for gbp).
    This is quite rare as currencies tend to move just a little.

    currencies tend not to move for > 1 day in a row.
    so you might be able to minimize your loss / reduce your position
    next week.
     
    Last edited: Jul 11, 2021
    #14     Jul 11, 2021
  5. easymon1

    easymon1

    #15     Jul 12, 2021
  6. easymon1

    easymon1

    What was your entry signal?

    delete gbpw.png
     
    Last edited: Jul 12, 2021
    #16     Jul 12, 2021
  7. maxinger

    maxinger

    last Fri, gbp and aud were up most likely due to the bullish European stock market

    now gbp and aud going down due to the bearish European stock market.
    how far will it go? no idea.
     
    #17     Jul 12, 2021
  8. billv

    billv

    Hannes, I don't know about you, but I would have got out here (at 1.3856)
     
    #18     Jul 12, 2021
  9. maxinger

    maxinger

    gbp - up it goes as the European index futures are going up.
     
    #19     Jul 12, 2021
    easymon1 likes this.
  10. easymon1

    easymon1

    #20     Jul 12, 2021
    hanneswas likes this.