GBPUSD – all in a days trading (or not)

Today I woke up early and was rather more alert than usual. This is not a good thing necessarily when it comes to trading.. certainly not in my case. I saw that the market had consolidated from yesterday after shooting up strongly. A consolidation usually happens after any particularly large moves so rather normal.. however, the market could have easily topped here or just biding time before heading higher. I wanted to play it safe so I didn’t trade…

The 4-to-7 trading system’s range was 14769 and 14730.

As you can see from the graph, the market breaks down hitting a low of 14690 which would have made the 30 pips. Then it shoots up higher above the upper line..  oh, I’ve just look more carefully now to see that that trade would have hit the stop as it retraced.. sorry, I looked at the end result to see that the market did indeed fly above that.

The 9-to-9 system also triggered a long entry at 14766 with a target of 14852. The stop was the lower band at 14684. It’s currently at 14813 so in profit but anything can happen until the limit or stops hits.

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Category: Forex trading, Spreadbetting, Trading