Live Trades – In Play

Filed under: Live Trades |

 

I currently have three live trades in play. The first is a setup that I discussed yesterday on the GBP/USD pair (see Figure 1). This trade has now hit the first target (with a risk-reward of 1:1), and is now in effect a risk-free trade as we are guaranteed a profit of at least 40 GBP on this pair now. Our next target is also getting close on this one, and was in fact just a few pips away at one point – so let’s hope that it gets there.

 

Figure 1.

The other two trades are on the USD/CHF (the pair for the United States dollar and the Swiss Franc) and the EUR/USD (the pair for the euro and the United States dollar). I do have reservations about being in on both of these pairs, as they do seem to be highly correlated – therefore, we may be doubling our risk on this one.

 

Figure 2.

Figure 2 shows the setup for the trade on the USD/CHF pair. What you can see here is the 4-hour chart, which shows that the pair has made a 50% Fibonacci retracement, and there is a nice pin bar off of a good level of support/resistance, providing some confluence for the trade. I have gone long on this one at a 50% retracement of the pin bar, with a stop loss just below the low of the pin bar, and a split target of one and two times the risk.

 

Figure 3.

Figure 3 shows the setup for the trade on the EUR/USD pair. What you can see here is, again, the 4-hour chart, which shows that this pair has also made a 50% Fibonacci retracement, and there is also a nice pin bar off of a good level of support/resistance, providing some more confluence for this trade. I have gone short on this one at a 50% retracement of the pin bar, with a stop loss just above the high of the pin bar, and a split target again of one and two times the risk. We will see how these progress tomorrow…

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