Jump to content

Going ling on GBP/USD


Recommended Posts

HI, a question of a newbie. Currently (as at 5.45 on 17th Sept) according to the client sentiment, 71% are going long on GBP/USD. I know the meaning of going long. But does it mean clients are holding on to their long positions in the hope the the GBP will rise on Monday, or 71% bids within a particular time period had been long and now been closed? I am holding on to my bids praying the GBP will start rising tomorrow by any miracle since I am about to run out of funds. Though I had studied the 5 year chart, the speed of decline within a one afternoon wasn't anything that was clear in a 5 year chart, and being a newbie I though ever would be possible unless something on the scale like Putin  declaring war against NATO happens. Do people think the GBP will turn back before the support level is reached or will fall below the support level 1 this evening when the Asian markets starts? 

Is buying a short position with the same number of contracts to stop further loss (in the event of the GBP falling further, and closing it as soon as the GBP reach back the opening position of my short bid) a good idea? Though my losses will be stopped at the current level, and I have enough funds to buy the same number of contracts on Short position, due to leverage I do not know (and reluctant though I want to do) whether I can do it. Can those in the know please tell me since I need to do it (if within my ability) before market start later on Sunday?

Sentiment.png

Link to comment

Hi there, I hope this helps.

You cannot rely on the statistics as a basis for trading, as IG don’t provide you with details of the volumes or the age of the deals that are being used as a basis for the calculations. For instance, some traders may have held very high value positions for a long time and may be content to sit on large positions because they have hedged them elsewhere.

You have to assess your own position to see if the assumptions you made when you entered the trade still hold true based on your own risk appetite, not on the incomplete statistics that are used as a proxy for market sentiment.

Good luck!

 

 

  • Like 1
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Recently, U.S. Senator Bill Hagerty from Tennessee spoke at the Bitcoin conference, stating his efforts to push for Bitcoin-supportive legislation to promote freedom and opportunity. This year, cryptocurrency has become a key battleground in the election campaigns. It remains to be seen whether future policies on cryptocurrency will improve.
    • The digital landscape is undergoing a profound transformation as attention, once a freely given commodity, is increasingly recognized as a valuable asset. Layer3 is at the forefront of this revolution, pioneering a new economy where attention can be owned, traded, and monetized   This innovative approach empowers individuals to monetize their engagement, providing unprecedented control over personal data. Simultaneously, advertisers benefit from transparent metrics that optimize campaign performance. Content creators are presented with diverse revenue avenues beyond traditional advertising, while the overall ecosystem experiences a more equitable distribution of value.   The implications of Layer3 extend across various sectors. Social media platforms, for instance, can leverage this technology to revolutionize user engagement and monetization strategies. Tokenomics play a crucial role in driving Layer3's economy, incentivizing participation and rewarding value creation. While challenges such as data privacy and market volatility exist, the potential benefits of Layer3 are immense   Anticipation is building as its native token $L3 is on Bitget Pre-market as users await its listing on the exchange. This milestone is expected to significantly increase the token's visibility and accessibility, potentially driving substantial growth and attracting new investors. As the countdown begins, the crypto community watches with keen interest, eager to see how Layer3 will perform in this new chapter.
    • I've been exploring the world of play-to-earn gaming recently, looking for something that's not just about endless grinding but actually offers a fun and rewarding experience. OGC really stood out to me because it combines gaming with a sense of community in a unique way. OGC isn't just a game; it's a platform where you can play, earn, and even help shape its future. You're not just a player; you're part of a community with a voice. The idea of earning crypto while playing games is exciting, but what makes OGC special is its focus on community involvement. Your feedback can directly influence the development of the game, which is a big deal. I've also heard that the OGC token is available for pre-market trading on Bitget. While I'm still getting to know the platform and its features, it's definitely something to keep an eye on. Has anyone else tried OGC? What has your experience been like? I'd love to hear your thoughts and any tips you might have.
×
×
  • Create New...
us