GBPUSD trade 16 Jun 2010

Ok trying to update more trades & explain them.

On GBPUSD 1.4855 was my target monday before price got weaker on 1.48 test & I exited. So 2 days later for me cable was stalling at 1.48 & unable to post big gains +22 yesterday. So I moved bearish. ( Also ABCD pattern helped a bit at these levels see chart 2)

Entry: 1.4840 then second  pending order got filled 1.4855 was against 1.4920. price began moving lower & and then added 1.4820. moved quickly stop to 1.4840 to protect position & risk -5 pips on all position.

Targets: so here I used old strong supports 1.4760 as first conservative target for 1.4720 & 1.4730 as target for 1.4840. & leaving 1.4854 open for big test of 1.4680.

Worked well. I moved now SL to 1.4680 to lock pips while targets where hit nicely. Most setup was poster on twitter before entry.

See chart for entry & fibs ( click to see larger chart) :
















Second chart help see the ABCD move that helped me shorting it to death:

GBPUSD trade 14-6-2010

This is a good trade I had this Monday 14 June 2010. I had a good plan & also banked solid pips long on previous UP leg.

On Friday I had a nice long trade but to my surprise it reversed sharply to retrace last leg completely. Notice the move was a perfect ABCD move from 1.4347.(ABCD when completed is a solid short entry!).

At Friday close I saw cable getting support at 1.45 & unable to break support. So I moved long against 1.4480 my target was another up leg.

On Sunday market gapped UP on GBPUSD, that was a good sign for me as cable is now having some momentum while I wanted the gap to be closed quickly so we can run higher. When gap was closed I added more higher 1.4583. So according to FIB my target would be 1.4850. I had a good resistance at 1.4720. Over the night we got a good report for cable that pushed it higher confirming the trade & market was buying risk.

So I took first profit at 1.4720 as a conservative target & we were now preparing to test new high and challenge last top.

Cable pushed then higher to 1.4770 then reversed. Here I added at 1.4770 expecting a quick push. It was a small mistake as price dropped to 1.4730 but my second mistake was: as I expected some retracement I placed another buy order too low. First I placed it at 1.4730 the support where I would enter but I placed it at 1.47 a level too close to invalidation support 1.4680. So that was one mistake adding too fast & not trusting the plan for the right level where to add.

I moved from 1h chart to 30 min here to prepare for trade close. On 30 min I saw we had 3 down candles then on 3rd Upside candle we faced big resistance. For me there was a big reversal risk here on 2nd failed test so I closed at 1.4790 & 1.4789 manually. Price action gave me the perfect exit. Also I kept in mind cable move was already over 230 pips we usually never move over 250-300 pips so statistically I had more chances to reverse here than to get my target TODAY.

See chart for more details (click on chart to see get bigger chart):














Notice also before the trade close I posted chart for gbpusd on twitter:






















Will try to update more this blog.