informedtrades
Long

Another Hammer on GBPUSD; Time to Re-Calibrate Orders

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
269 2 2
GBPUSD             has another hammer forming off support today, and so I've re-calibrated my unfilled order accordingly. Whereas I had initially planned to go long at 6703, I moved the entry order up 30 pips to 6733, and moved my stop up to 6673. My target profit remains at 6985. I'm risking 60 pips to gain 252, which gives me a reward/risk of 4.2.

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Just wondering . . .
The hammer you suggest is now looking like a doji ~~~~
If it ends the day as a doji or maybe a spinning top, would that
change or how would that change your thoughts on a long entry
and at what point ?
thanks for your thoughts !
Wishing you lots of pips in your pocket in 2014 ~~~~~
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I was thinking the exact same thing.
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