Posts Tagged currency trading

Simple breakout trade on the GBPUSD forex pair – Financial Trading Journal

Simple breakout trade on the GBPUSD forex pair - Financial Trading Journal

Nothing much to say about todays trade. The market had rallied strongly on Friday and then drifted. From the market opening last night and until this morning, the market was consolidating.. not doing too much but you can see that the price was bouncing between a range.. ther resistance at 15850 and support at 15820. The break at resistance was my cue to go long giving me 25 pips as I took profit.  

March 19, 2012 No Comments Full Story

GBPUSD – Going Long when you already have a Short position

GBPUSD - Going Long when you already have a Short position

Look at the 4hour chart below of the GBPUSD forex pair (or cable) and you can see the resistance line. The arrows show where the price action had hit this line and bounced off it..  on the third time of this happening, I shorted with a stop just above the break level. As you can see, I lost on this one and took a 20 pip loss. However, I also knew that objectively, that a break of the resistance could have been a great break out trade.. as you can see, it was indeed but being in the trade and

March 16, 2012 No Comments Full Story

Daily Bar breakout on GBPUSD for 60 pips

Daily Bar breakout on GBPUSD for 60 pips

The markets had fallen hard the last couple of days and I thought that they would have fallen a lot more but yesterday, the markets found some support. This pattern was seen across the DOW, FTSE and other currency pairs. I knew that a lot of people were expecting the markets to tank completely but having a whole day where it consolidated presented an opportunity in my opinion. The markets would either rally or drop like a stone and I expected whatever happened the market would have moved str

March 8, 2012 No Comments Full Story

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