Profit(pips)= +75x2 = +150
Accumulated profit(pips) = +2452
Expectations for a close hike was dampened today as BOE Head carney signaled no need for a rate hike anytime soon in an interview during the world economic forum. Meanwhile, the recent decline in figures as i mentioned in my previous post supports the idea of unfolding of long positions and a correctional move. Price also fails to settle above 1.6500 mark on a weekly closing basis.
Trade number: 67
Accumulated profit/loss (pips) = 2472
Number of trades:67
Winners: 34 Losers: 22 Cancelled: 10
Profit/loss (in pips) = 2472
Open trades: none Pending trades: 2
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is moved to breakeven
4. Second unit at second target
5. If 90 percent of first target is reached without triggering entry, trade is cancelled
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I entered at first resistance around 1.6560 so, of course, it immediately
went to second resistnace @ 1.6585. It is forming a shooting star on
the 30min/1hr chart so I might even add to this at the bottom/top of the hour.
But, you know what they say about GbpUsd *** It's the Devil's Currency***
So, I probably won't let this go much beyond 1.6600 which is beyond
the .618 fib.
But, I tightened stops when it just sat under 1.6585
so the loss was minimal.
Maybe it's just me . . .
Seems like no market/instrument I look at, lately,
honors any kind of support or resistance.
Probably just one of those times in trading
is something in the air - some change a com'min down the tracks ?
A daily and four-hour chart would be provide more reliable levels, i also suggest that you wait for stability above a certain resistance to increase the chances for a breakout. I don't believe in precise numbers, i look for support and Resistance regions and ability to hold above or below those regions. IMHO.
and I do like to trade stability in the form of seeing what candlestick formation
might set up around the support and resistance. I especially like candlesticks
for helping me with triggers and a stop placement for lower risk.
Sometimes this does get me in to tight and I need work on that for sure.
As always, thanks for your comments and insight !!!!!