GBP/USD Forex Day Trading Signal
| March 19, 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 1.4206. Stop=1.4227. Profit target=1.4176, 1.4156 (if we break below this it could be a sizable drop, therefore you may may wish to trail this lot as well), 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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It would appear there might be a bit of rally left after the surge yesterday. Stopped out for -21 pips.
If we break above 1.4260 look for a test of the highs at 1.4335 and an extended target of 1.4500.
A reversal lower below 1.4200 would target the recent low at 1.4160, then 1.4140 and 1.4060
If you did trade long at 1.4260 based on the comment above move trailing stop up to 1.4270