Live Trade – GBP/USD (Result)

Filed under: Live Trades |

The trade that we discussed on the GBP/USD forex pair yesterday (the pair for the British pound and the US dollar) has now come to a conclusion, and it is another good one for us – culminating in a 4% rise on the bank. Let me summarise this trade and explain how we got there with this one.

 

Figure 1.

Figure 1.

Yesterday, I outlined the entry for this one, which to recap, was a 50% retracement entry on the pin bar highlighted in green (see Figure 1). This also happened to be a good short-term level of support/resistance. Our initial stop loss was just below the low of this pin bar, with a target set just under the next significant support/resistance level, which happened to be a distance of four times our risk.

 

After the order was filled and price moved up and closed with a bullish candle a day later, I moved the stop to breakeven, as I wanted to be in a risk-free trade, and we were already in profits to the tune of two times he risk. At this point, I felt that there was more chance of the market continuing to go up than turning around, and I was optimistic that the target might be met. This gut feeling proved to be justified, and Figure 1 shows that the target was met very nicely to get a 4% rise on the bank. This pair has been good to us lately, with two winning trades off of two bullish pin bars, and over a 6% cumulative rise on the bank. Hopefully, we can keep this winning momentum going over the next few weeks – but I won’t be getting carried away, and will continue to be highly selective with the setups that I take; and only take the very best.

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Your email address will not be published.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>