AuthenticTrader
Short

GBPNZD Inside Day Play Triggered Short

FX:GBPNZD   British Pound/New Zealand Dollar
22 0 2
Inside day play as discussed in Kathy Lein's Book "Day Trading and Swing Trading The Currency Markets"

Two inside days had formed on the chart. Bearish Harami is 1st inside day. 2nd confirms. Short bias as indicated by a tag of upper BB, stochastic moving down w signal line cross,

A sell stop order was entered 10 pips below the low of the most recent inside day low. A stop loss and reverse buy stop order was entered 10 pips above the most recent inside day high. The sell order triggered earlier today.

Per the strategy rules, Take profit set at 2x amount risked.

For a similar set up, but with less bias confirmation look at GBPAUD             pair where you again have the two inside days formed.
Comment: Closed 1/2 position for 221 pips profit, moved SL to 100 pips profit, and canceled TP. Since I am at my desk this morning, I will manually trail this one and then set a trailing stop when I leave.
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out