GBP/USD Forex Day Trading Signal
| March 18, 2009 | Posted by admin under Day Trading Ideas |
Please read the latest How to Use the Day Trading Blog before using these signals. The signals are for the start of the European session. If market does not move to the trigger price by about 9:30 AM GMT, then do not take trades.
Read the comments to this post as they are posted. The comments provide updates to the trades and will provide final results of the trade based on those updates.
Take multiple lots so you can exit at 3 different prices. The amount of the stop in pips multiplied by the amount you take should not be more than 5% (2% or less is highly recommended) of your total trading account. If it is, take less lots.
SELL at 1.4025. Stop=1.4050. Profit target=1.3996, 1.3978, trail the remainder giving a bit of room above the recent swing high on a 5 minute chart. If not stop out on final position exit trade at 10:00 AM GMT.
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First target hit for a 29 pip profit.
Second target hit for at 47 pip profit.
Move trailing stop on remainder of position to 1.4005
Move trailing stop to 1.3983
…to 1.3973
…to 1.3930
Move trail to 1.3915
Right at 10:00GMT we were very close to the trailing stop anyway, so I let the trade ride. If you exited the final position at 10:00 the profit is 115 pips.