GBPAUD - Buy Thru N.Y. Session On 7/24
From my evaluation of larger time frames to lower enter/exit time frames of 5 minute/15 minutes, I believe the following will be going on with this pair:
Entry: 1.79375 (when price action hits this level, will initiate a buy)
Stop Loss: 1.79250 (12.5 pips)
Targets: 1st is 1.80000 (62 pips/psychological #) & 2nd is 1.85000 (112 pips)
Risk/Reward of: 1:6 & up to 1:12
*Note will monitor the progress of this trade and move stop loss up, if and when price action is sufficiently above the entry price. Would like to take 1st trade-off at 1st target of 1.80000 and leave 2nd runner going with a tighter stop loss afterward. Risk management is always #1 in trading Forex.
Like always, do your own evaluation of any trades, risk management, and if this either does or doesn't fit your trading strategy/plan. Good Luck!!!
Entry: 1.79375 (when price action hits this level, will initiate a buy)
Stop Loss: 1.79250 (12.5 pips)
Targets: 1st is 1.80000 (62 pips/psychological #) & 2nd is 1.85000 (112 pips)
Risk/Reward of: 1:6 & up to 1:12
*Note will monitor the progress of this trade and move stop loss up, if and when price action is sufficiently above the entry price. Would like to take 1st trade-off at 1st target of 1.80000 and leave 2nd runner going with a tighter stop loss afterward. Risk management is always #1 in trading Forex.
Like always, do your own evaluation of any trades, risk management, and if this either does or doesn't fit your trading strategy/plan. Good Luck!!!
Comment:
Just took 1st trade-off with 60 pips, will let 2nd trade run with a stop loss of yellow noted line (12.5 pips), until price action reverses and hits to stop out, still looking for another 60 pip more profit, but will not be greedy... good luck.
Trade closed manually:
1st trade profit of 60 pips and 2nd runner got 80 pips, so 140 pips minus the spread. Like it when a trade is planned and works. Closed all related to Friday.