GBP/USD

[ukfitness]

The hourly chart shows resistance @15070 and the 6am Doji giving a sell signal @15040. Target 1 1500 (double zero number) target 2 @14975, target 3 @14905. SL15075

[ukfitness]

Target 1 hit, SL moved to break even

[ukfitness]

Stopped out at break even with 1 lot having hit target 1. Target 2 missed by 3 pips.
Lesson learned; trail stop when target 1 has been hit to lock in profits.

[markelshark]

That's a hard lesson because I've had times where a trailing stop would have kicked me out of a trade that eventually hit all targets. Depends on your trading system but if you had time it might be fruitful to go back and look at your past trades to see what would have been more profitable - a trailing stop or a normal sl.

[ukfitness]

Thank you for your input Mark, I really appreciate your comments and feedback.

[ukfitness]

Cable is at strong resistance @15,200 with a topping tail on the 15.00 candle on the hourly chart. It has done 134% of it's normal daily move so I'm looking for a good reversal candle to confirm taking a short position.

[ukfitness]

Entry @15185 below the 16.00 candle on the 30 min chart. SL 15210, targets are 15165, 15100 & 15000

[ukfitness]

Stop hit due to spike caused by US Building Permits numbers. Price has touched previous support line (now resistance) and also touched the sinking trendline on daily chart. I'll wait for a good signal to re-enter short.

Lesson learned; Wait till after any news releases before opening a position.

[ukfitness]

The pair broke through 2 resistance levels yesterday (4h chart), the first was the daily resistance level @15000-15020 which the price has tested twice previously & the second is the sinking trend line (daily chart) that it has found resistance at on 3 occasions since the 19th Jan. Yesterdays candle is a Bullish engulfing so I will be looking for long positions today.

Trading ideas are to buy on a retracement to previous resistance levels @15200 (which is also the 23% Fib retracement from yesterdays low- 4 hour chart) or daily pivot point @15158 (I find that this pair reacts to the Pivot point a high % of the time and today’s Pivot is the 38% retracement from yesterday low). I will also consider a buy at retracement to the daily S1 @15055 and if it retraces all the way back to the 15,000 level I will look for a buy signal from there. I will also look for a signal at the 50% fib at around 15125 as it is also the prev daily sinking trend line level. (4hour chart)
If the price doesn’t retrace then I will look for a confirmed break of the rising trend line currently @15284 that it found resistance at yesterday (hourly chart).

All trades will need confirmation before entry at any of the levels with a good 30 min or 1h candle; I’ll be looking for a candle with a long bottom wick touching one of the levels.

Remembering yesterday’s lesson of not entering a trade shortly before News releases, I will not be entering a trade today before 9.30 am as there are big results due then (Unemployment etc).

Targets will vary from each entry but I will use previous resistance levels 15200, 15250, 15300 (rising trend), etc. & of course SL. I’ll make an entry to record targets & SL when a buy position has been entered.

[ukfitness]

The 9.30 unemployment figures were positive which favours my Long bias for the day. Position entered @ 15320 (3 min chart) which was the first pullback from the big move at 9.30 and gave a long wick on the bottom of the candle.

Spot FX GBP_USD 3min(17-MAR-10).png (9.33 KiB) Viewed 1283 times

and was also the break I was waiting for of the rising resistance on the hourly chartand @ 15284.

This was a scalp trade with 1 target @ 2:1 risk reward (SL20 pips @ 15300 under the signal candle with a 40 pip target). Target hit @15360.

Spot FX GBP_USD 3 min 60pip (17-MAR-10).png (10.48 KiB) Viewed 1283 times

The pair has now moved 100% of daily ATR so I will wait for retracement to 15340 (daily R1) or preferably 15300 (rising trend line on hour chart) to consider further long positions.
I will also be using my usual scalping technique to take advantage of short term upward moves.