Pick of the Day: GBP/USD – Close Trade

Close Trade: 2008-04-01 10:20

Our trade was triggered during the morning European trading session and it looks like traders bought in at that support area. Our first profit target was hit and we locked in a few pips, but with a strong US Dollar rally on positive ISM data, we will close the rest of our trade at market.

Close remaining position at market (1.9780)

1st Half: +80 pips
2nd Half: + 20 pips
Total: +.625% gain

Trade Idea: 2008-03-31 20:24

PoD Chart

Tonight, we will take a look at “Cable” as it approaches a support level tested, and held, a few times before. Will that support hold, or will hit break away?

On the chart, we can see where the pair has held, and I look to play that support once again, especially as stochastics lay in oversold territory.

We do have event risk tomorrow with UK Manufacturing PMI and US ISM Manufacturing Survey. Both are viewed as strong economic indicators as they measure purchasing manager’s sentiment in the manufacturing industry.

So, we will go long if the pair reaches the support level.

Long GBP/USD at 1.9760, stop at 1.9680, pt1 at 1.9840, pt2 at 1.9920

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Stay tuned, good luck and good trading!

17 comments

  1. demontez

    pipcrawler, you are the man.I am new here and i have been observing all your trade blogs and so far i am impressed . I have just observed your forecast on this trade as the position filled at 11.30am GMT and has completed the point 1 mark which is 1.9840 going long.Do you think it might project higher considering the ISM Manufacturing report will be out at 3pm GMT as there is a forecast of a fall in the data which might affect the USD.

    Reply
  2. gantilk

    Thanks PipCrawler. I have been demoing your system for some time now. Both my trades were triggered at 1.976 @ 2:54 EST. TP1 1.9840 was hit @7:15 EST . Not sure if TP2 will be reached since the trend seem to be reversed at 1.9857, so manually closed the trade at 1.9856 @8:20 EST.

    Total profit = 80 + 96 = 176 pips. Wow. I wish i did this on a real account :)

    Reply
  3. demontez

    pipcrawler, you are the man.I am new here and i have been observing all your trade blogs and so far i am impressed . I have just observed your forecast on this trade as the position filled at 11.30am GMT and has completed the point 1 mark which is 1.9840 going long.Do you think it might project higher considering the ISM Manufacturing report will be out at 3pm GMT as there is a forecast of a fall in the data which might affect the USD.

    Reply
  4. gantilk

    Thanks PipCrawler. I have been demoing your system for some time now. Both my trades were triggered at 1.976 @ 2:54 EST. TP1 1.9840 was hit @7:15 EST . Not sure if TP2 will be reached since the trend seem to be reversed at 1.9857, so manually closed the trade at 1.9856 @8:20 EST.

    Total profit = 80 + 96 = 176 pips. Wow. I wish i did this on a real account :)

    Reply
  5. daan

    thanks alot for your help, i’ve being trading the forex market for quit some wild now, but i jus came across this forum- being following your trade-dude u should be rename forex god- My name is daan located in jamaica-love your work and keep it up, thanks once more. jus a quick question what time frame do u trade live dude? yahoo me daansutherlandozzz@yahoo.com or add me to your yahoo messenger BIG THANKS

    Reply
  6. daan

    thanks alot for your help, i’ve being trading the forex market for quit some wild now, but i jus came across this forum- being following your trade-dude u should be rename forex god- My name is daan located in jamaica-love your work and keep it up, thanks once more. jus a quick question what time frame do u trade live dude? yahoo me daansutherlandozzz@yahoo.com or add me to your yahoo messenger BIG THANKS

    Reply
  7. yennek

    Thanks, would have been a nice trade, (4/01/08) But I set my stop too tight and went back to bed. It’s like they saw my stop and came to get it, and then took the stairs to my target. (with out me!) The rookie is learning!

    Reply
  8. yennek

    Thanks, would have been a nice trade, (4/01/08) But I set my stop too tight and went back to bed. It’s like they saw my stop and came to get it, and then took the stairs to my target. (with out me!) The rookie is learning!

    Reply

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