GBP/USD Forex Day Trading Signal -April 9
| April 9, 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 different prices. These should be “separate positions” with the same entry and stop, but with different profit targets. The amount of the stop in pips multiplied by the amount you take should not be more than 3% (less is even better) of your total trading account. If it is more, take less lots. For the summary pip profit calculation (in the comments after the trade completes, each position will be assumed to be 1 lot. If you take more than 1 lot, you pip profit/loss will be multiplied by how many lots you take for each position (likely you will 2 or 3 positions depending on the number of profit targets given).
BUY at 1.4754. Stop=1.4735. Profit target=1.4775, 1.4800, 1.4855 If not stop out on final position exit trade at 10:00 AM GMT. Bring stop to breakeven once 25+ pips onside.
~Cory Mitchell
Market Strategist
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The pair has fallen off significantly and as such this signal has been canceled for today. While the signal still may trigger, due to the large movement over the last hour and half, the specific levels involved in the trade are no longer valid based on the original strategy criteria.
Check back soon…over the next 24 hours, but before this regular day trading signal, I will be posting a swing trade on the site.