The chart is show above.. the upper and lower lines are at 14937 and the lower line 14844. This looks like simple short for profits. It was.. however, for me, I didn't wait until 7am finished and my first trade was a long at 14927 which obviously ended in a loss! The loss was 50 pips and my gain on the short was 30 pips.. totalling -20 for the day!
Today I woke up early and was rather more alert than usual. This is not a good thing necessarily when it comes to trading.. certainly not in my case. I saw that the market had consolidated from yesterday after shooting up strongly. A consolidation usually happens after any particularly large moves so rather normal.. however, the market could have easily topped here or just biding time before heading higher. I wanted to play it safe so I didn't trade... The 4-to-7 trading system's range was 14
The GBPUSD really powered ahead today.. I was trading my 4-to-7 breakout strategy and got my 30 pips. It seems pathetic when the market powered on another 170 pips or so.. still, a profit is a profit! The range was 14632 and 14597. I didn't trade the 9-to-9 however. If the range is over 120 pips or so, the movement has already been too large for the day. Also, I can't scale my trade to be small enough so that the hefty pip stop loss is a mere 5% of my trading account. The top
