Live Trade Result – GBP/USD

Filed under: Live Trades |

The live trade that was discussed on Friday came to fruition for a very nice 1.3% rise on the bank, getting us back near the all time highs on the account (see: http://www.myfxbook.com/members/jjrgaskell/daily-trade/357261).

 

Figure 1.

If you look at Figure 1, you will see the setup for this pair once again. Just to remind you, the pair had been stuck in something of a trading range, before the 8-day EMA crossed below the 21-day EMA, and started to diverge apart. The bottom end of the range was broken and when a bearish pin bar formed at this level, we put an order in to go short at a 50% retracement of the pin bar, with a split target set of one and two times our risk.

 

As you can see, this order was filled and both of our targets have now been met in just two trading days for a 1.3% rise on the bank. Had we had a ‘set and forget’ target of two times our risk for all of the lots, this would have been an even better 2% rise on our bank. However, although this conservative approach is not being as profitable for us at the moment, it is hoped that it will mitigate periods of drawdown.

Figure 2.

 

At the moment, we also have a trade live on the gold pair, which you can see on my aforementioned published trading account. If you look at Figure 2, you can also see the setup for this trade. This is on the 4-hour chart, and a nice bearish pin bar has formed at a good area of support/resistance, and a 50% Fibonacci retracement area. This is a good area of confluence, and hopefully, this will come off to the downside (although at present, we are carrying a 50 GBP loss). More on this tomorrow…

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Your email address will not be published.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>