GBP crosses

Majors staying quiet in mid-Asian trade

Nothing much to report in the majors; the AUD has made some small gains but I think European traders will have little problem in totally ignoring anything that’s happened here.

I’m still running a small long cable position but I’m struggling to get any strong feel for the big levels. Once again its a case of hanging in there until hopefully the lights come on.

  1. hmmm.. would it be wise to look at a possible long on the AUD heading up from this point.. even up to the higher .96 range or is it best to just sit it out and wait a little longer? Just trying to see when to ‘attempt’ a jump in but not sure.

  2. Good evening Sean,

    Last Friday, you proposed to play the cable with the neckline at 1. 5150 and I did mental exercise where I would have had to put my S/L if I had jumped in ? The logical answer would have been 1.5145/40 ?? However you didn’t thought like that and I guess you didn’t set a S/L, is it right ? Obvioulsy you are still in and we have been lowest at 1.5130, could you explain me, how do you set your risk for this technical trade ? A first step in answer, you have risked more 80 pips for this trade ? Thanks.

  3. Did it trade at 15130? My reports said 40 was low? I usually will keep my stops well below the relevant level; in this case I bought more at 5160 and had total stop at 5115 so was quite safe. Don’t know why, but I usually use 35 pips beyond the actual level as my stop-loss point; at least then I know the level was well and truly broken and it wasn’t just a cynical s/l hunt

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