Live Trade – GBP/USD (Result)

Filed under: Live Trades |

On Tuesday, I discussed a live trade order on the GBP/USD forex currency pair (the pair for the British pound and the United States dollar); and I am happy to report that this order was filled and has now reached the target for a 2.5% rise on the bank. Here is the low-down on how this one panned out.

Screen shot 2013-07-18 at 09.10.05

If you take a look at Figure 1, you will see how the market progressed after our order was filled. Just to recap, we were looking to go long at a 50% retracement of the bullish pin bar highlighted in green. This came off of a very important long-term area of support resistance (which unfortunately is not visible on this chart – but it was discussed in more detail in the article on Tuesday). Our stop loss was placed just a few pips below the low of the pin bar, and we had a target of two and a half times the risk – which was at a logical level just before the previous swing high point on the chart.

 

This order was filled very nicely, as there was a very nice tail on the bullish candle that followed. This also just goes to show how important the close of the daily candles are, because during the session, this bullish candle did look very bearish at one point. As you can see from the chart, two days after the order was filled, our target was met for a very nice 2.5% rise on the bank, wiping out the two losses that we had last week. Another bullish candle has formed, and the market is making higher lows and higher highs. However, there is some need for caution, as there is a bit of an upper shadow on this latest bullish candle, and this could signal that the bears are starting to take hold once again.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>