Another winning day trading the GBPUSD currency pair

First day back after the Bank Holiday and back to trading the system. There was a largish 50 pip channel which always makes me feel a little uncomfortable placing the orders. The market also moved quite a bit just before 7am reaching which also makes me feel a little uncomfortable. However, trading a system means that I need to remain disciplined to pull the trigger.. even if I feel uncomfortable, this is the system.. I need to follow it to stand a chance of becoming successful.

So the orders were a long at 15270 and a short at 15210 with a 30 pip target and the stoploss was the other end of the channel which was 50 pip in this case. The market lingered around the lower levels of the range around 7ish and moved from these lows.. however, soon after 8am, the market pushed lower triggering the trade. The 30 pips were quickly taken out and the market soon went another 100 or so pips… WOW!

The great thing about being able to write in this blog is that it allows me to re-read what I have been doing and the thought process. It also allows me to review my trades… the system seems to be quite successful but I’m intrigued to find out from the past few weeks doing this how successful it really is. From my experimentation, I’ve been trading just 1 lot. I’ve also been trading a second lot with a 60 pip target and then have also been times when I haven’t stuck to the system and done my own thing… I am going to go over the past few weeks and work out these 3 scenarios to see how each one has done.. this should help reinforce my trust in the system and therefore allow me more validation to stick with this trading method (and not deviate from the plan)

Anyway, here is the trading chart for today:

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Category: Forex trading, Spreadbetting, Trading