Update: Trade nearing entry requirements. Targets have been outlined, and my stops have been outlined on the 4hr chart posted in the comments section. Upon reaching target 1 stops will be moved to break even and managed accordingly as price makes its way to the secondary and third target. Good luck everybody, may the force be with you.. Lolol =)
Well this should be a very nice trade if the range it has been confined within holds true! I've been monitoring this pair for a couple weeks now with a few small intra-day trades placed on the way down. What I'm looking for is any sign of range reversal between the .50 / .618 Fibonacci Levels. In which I will ride it to the upper band of the range, once price reaches the Fibonacci levels I will post another chart on the pair in the lower time frames (Daily / 4hr). For now I'm just sitting on the sidelines for this one and monitoring it closely. =)
Comments
Daniel.B
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Well the stops being trailed were triggered.. Anyhow this was a good trade will be standing aside and monitoring price action to determine any further positions
BoonOng
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What's your pips spread for this pair.
Daniel.B
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Bounces between 3-7 pips ... on occasion it gets down to 2 pips.. But its not that big of a deal when you average in the daily pip movement
danndc
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hi dan,
do you think it is going to retrace or it will keep going up? 2.08 still your target?
Daniel.B
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Hey hows it going other "Dan" lol. Yea it can retrace a bit pretty soon as its going to hit some resistance around the 2.0000 area. So if you want you can take some profit off the table in the area we are in right now and move the remaining stops to break even and let price continue on higher. Another thing you can do is what I'm doing which is moving the majority of stops to break even, while i trail my Target 1 stops higher & higher until either target 1 is reached or the stops are triggered. Its getting very near to reaching my 1st target so overall all your risk in the trade should be removed by now and you should be managing your stops to lock in profit. I'm still leaving the rest of the position to reach targets 2 and 3.
danndc
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hi mate, i booked 200 pips profit and i am out of this trade cause i think that it gave sign of retreacing in H1 an i think it will in H4. after gbp data it lost 100 pips in around 10 mins
i will try to reenter at a good spot
Daniel.B
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Hey hows it going, glad to hear you were able to book some good pips on this man! =) My TP 1 has been hit and I've trailed the stops for the remaining position around the Daily S1 Pivot (Orange Colored Pivot).
Daniel.B
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Chart Update:
BoonOng
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Hey Dan B!
Nice, you got the yummy long there!
I believe the testing will be at the resistance as you pointed (checking left - the support)
Right now it hit bottom of my channel, which it may bounce back up.
Daniel.B
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Hey thanks for the comment bro! It has been a "yummy" long indeed =D lol Nice chart bro so were pretty much seeing the same thing! =D