Some profits bagged – GBPUSD currency trading

I was a bit unsure as to what the markets were doing today looking at the moving average which was pretty flat. However, our trade doesn’t really matter… I am just trading the breakout past 7am.

So, todays orders were placed at 1.5392 for a long and a short at 1.5331.. if either hit, a target of 30 pips and a stop at the end the other channel which was a 60 pip stop loss. I have gone back to trading just one lot now since I was using another broker for the 60 pip trailing stop which has caused more losses than wins..

Shortly after 7am, I am long.. I am conscious of the previous resistance set yesterday at 15433 but my limit is 30 pips which is 1.5422. The limit hit for 30 pips, market hit the resistance from yesterday and fell… if I were watching the markets as it was happening.. I may have entered a short after it failed to breach resistance..  could have taken a nice 30 pips.

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Category: Forex trading, Spreadbetting, Trading