It’s a brand-spankin-new forex trading month and I’m feeling aggressive! Here are my adjustments to last week’s trade ideas.
Last week I was forced to close an open GBP/USD trade ahead of the FOMC statement. Then I decided to enter again when the event failed to rain on the pound bulls’ parade and Cable actually looked like it would break above the 1.7000 major resistance. I decided to risk 0.50% of my account at 1.7030 before the end of the week.
Adjustment: Since price is now about 130 pips away from my entry, I decided to move my stop loss to break even. Think I should add another position?
Pulled the trigger on this one! Last week I had marked USD/JPY’s 101.30 range support area as a must-watch-closely-or-else-you-don’t-get-pips setup. Luckily, I was around when price had not only bounced from the exact level, but had also broken above a small consolidation on the 4-hour chart.
Adjustment: I risked 0.50% of my account at market (100.59) and placed a 100-pip stop with a tentative target at around 102.75. Fingers crossed that this works out! Feel free to talk to me in the comments section below if you have any questions or tips!