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Hello,
Today we saw very choppy and in some pair quite volatile price action. I was looking again for a short in the GBP/USD but I had to wait for a new setup since the pair did not break down yesterday. As a requirement for a setup I like to see a pair taking out the previous daily range. In case of the GBP/USD it was yesterday’s low. Cable fell a bit more than I liked at the start of the session since I saw limited downside potential after a retrace. The first push brought the pair already pretty close to my initial target at the support level around 1.5990. I had to wait with a short for a retrace to the hourly 20 EMA. That retrace happened sooner than I anticipated and I was unsure if we see a reversal day or not. Nevertheless I took a short at 1.6047 but with half size and a tight 10 pip stop above the hourly 20 EMA. I decided to close the trade for +12 pips which was in hindsight the wrong decision. Cable dropped about 70 pips before recovering a bit. 1.5850 remain the target here in the daily chart. Btw the black lines in the chart are possible price movement projections I make at the beginning of a session. It came pretty close to reality as you can see.
The GBP/JPY setup worked pretty well. The 141.00 target got hit. Personally I got out at 141.60 since I used a tight trailing stop after the Frankfurt open. The entry was 142.76 but that trade was not announced by me I just showed the setup yesterday.
GBP/JPY Forex Trading Strategy January 15th 2013 | Live Forex Day Trading
Regards,
Marco
Today we saw very choppy and in some pair quite volatile price action. I was looking again for a short in the GBP/USD but I had to wait for a new setup since the pair did not break down yesterday. As a requirement for a setup I like to see a pair taking out the previous daily range. In case of the GBP/USD it was yesterday’s low. Cable fell a bit more than I liked at the start of the session since I saw limited downside potential after a retrace. The first push brought the pair already pretty close to my initial target at the support level around 1.5990. I had to wait with a short for a retrace to the hourly 20 EMA. That retrace happened sooner than I anticipated and I was unsure if we see a reversal day or not. Nevertheless I took a short at 1.6047 but with half size and a tight 10 pip stop above the hourly 20 EMA. I decided to close the trade for +12 pips which was in hindsight the wrong decision. Cable dropped about 70 pips before recovering a bit. 1.5850 remain the target here in the daily chart. Btw the black lines in the chart are possible price movement projections I make at the beginning of a session. It came pretty close to reality as you can see.
The GBP/JPY setup worked pretty well. The 141.00 target got hit. Personally I got out at 141.60 since I used a tight trailing stop after the Frankfurt open. The entry was 142.76 but that trade was not announced by me I just showed the setup yesterday.
GBP/JPY Forex Trading Strategy January 15th 2013 | Live Forex Day Trading
Regards,
Marco