The volume are much smaller than in EUR/USD so it moves faster -both ways. But if you love a lot of action, then GBP/USD is fun to trade.
OK. PIECE OF ADVICE: LOOK ON THE 1H CHART AND PLOT THE 26 AND THE 40 EMA. IT MAY SEEM MUCH CLEARER TO YOU. LOOK ON THE 15MIN CHART AND AN EMA WON'T TELL YOU ANYTHING (BESIDES THE EQUIVALENTS 26*4=104 EMA AND THE EVER SO IMPORTANT 40*4=160 EMA). THIS IS WHERE YOU NEED TO KNOW PIVOT LINES. FOR EXAMPLE YOU CAN SPOT A REVERSAL AND A RALLY IN A TIMELY MANNER IF A SUPPORT LINE MEETS THE 1HOUR 40 EMA (OR 160 EMA ON THE 15 MIN). YOU CAN WAKE UP IN THE MORNING AND DO YOUR PLAN ACCORDINGLY... YOU WILL EXPECT THAT THAT POINT WILL BE YOUR REVERSAL, IF A GOOD TREND. IF NOT, YOU CAN START ASKING YOURSELF QUESTIONS. BUT EVER SO IMPORTANT. DO NOT TAKE TRADES THAT ARE NOT IN YOUR FLIGHT PLAN. YOU MAY LOSE. ... BUT I WON'T TELL YOU WHICH PIVOT LINES AND HOW THEY ARE CALCULATED. THIS IS MY SECRET AND THAT IS WHY I LOVE TRADING AGAINST ALL OF YOU (Skalpz included ) no offence.
BECAUSE THE EUR/USD GETS MORE EXPOSURE AND THE HIGHEST VOLUME, ALL THE TECHNIQUES HAVE TO WORK BETTER ON THE EUR/USD
absolutely nothing. in fact I think this is a superior way of trading. (especially when someone takes their losses that result in my wins )
For traders who understand risk this might help .. http://elitetrader.com/vb/showthread.php?s=&threadid=54170
I think if you crack this, it will be a big step forward. A number of years back it was a problem I suffered from too and, like you, it was costing me money. What I did to change my mindset was to focus on my trading plan. I began counting 'successful' and 'unsuccessful' trades rather than 'profitable' and 'unprofitable' trades. A 'successful' trade was one that had traded exactly to plan, whether it had been stopped out for a loss or made a huge profit. It didn't take long before I was trading 100% 'successfully' and, as it happens, far more profitably too.