Live Trade Order – GBP/USD

Filed under: Live Trades |

I currently have another order in for a live trade, which I am a bit annoyed has not been filled as price literally went within a couple of pips of my order. If you take a look at Figure 1, you will see what I mean. From the chart, it seems that price has gone below my order level. However, you have to take into consideration the spread, which is currently 17 pips on my trading platform (or 1.7 pips depending upon how many decimal points your charts go to). As price moved exactly 16 pips below my entry level (and the chart shows the sell price), this means that I have missed out by just one or two pips, which is a shame because otherwise, we would be in profit now.

 

Figure 1.

As you can see, price is very bullish on the GBP/USD pair right now. The 8-day exponential moving average is about to cross above the 21-day exponential moving average, and price is visibly moving up. Price has also recently broken and closed through a significant area of support/resistance (which I have marked with a green band). So, when price formed a bullish pin bar that was rejecting this previous area of support/resistance, I put an order in to go long at a 50% retracement of the pin bar, with a split target of one and two times my risk (with risks of 0.7% and 0.3% respectively). If the trade hits the stop, I lose 1% of my bank, if the first target is reached, we are in a risk free trade and are guaranteed a 0.4% profit, and if the second target is reached, we make a 1.3% rise on the bank. Needless to say, if this order is eventually filled, I will keep you updated on the trade throughout the week.

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