Even though I dislike taking risks in trading currencies that are in economical war, but I noticed a pattern. I see that the pound has completed the head and shoulder pattern that was formed between Feb and May 2019, plus a reversal bar on the daily close, has given me the courage to take a long positions @ 1.2650 with a take profit @ 1.2795 and a stop loss @ 1.2590.
Good luck
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Good Friday,
So far, the entry we took was meaningful but the sterling has been riding this roller coaster all week long. Today's US NFP is the highlight and any surplus of news shall have major affect on the markets. Being said, I shall place a stop loss on my enter point @1.2650 and leave the TP as is.
I usually hate to leave positions open on NFP, since I am in the money, i feel like taking this extra risk for a zero loss.
Good luck
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Good morning,
I got lucky with yesterday's lows. I had a stop loss on my entry point @ 1.2650, and the lows of yesterday reached 1.2653..Will keep a close eye on the cable, seeing that it is facing difficulties in pushing up
Trade closed: stop reached
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Good Friday,
Politics over Brexit has taking up more time than it should and thus forcing cable to reach my break-even stop loss @ 1.2650. It was a long week of hopeful positive trading...no worries, always another day to find a better setup!
@UGTraders, I somewhat agree with you, cable @ 1.2750 has been a tough ceiling to break. Even though I am in the money and I do want to get out with some profits, but I do want to give it a bit more time...otherwise let it ride to my stop loss @ 1.2650