Partner Center Find a Broker

Looks like the dollar bulls are back…at least for now. Luckily, I was able to adjust my stop loss and catch a few pips before Cable REALLY gained downside momentum.

In my update last week I told you guys how I jumped in at the earliest signs of bullish momentum after GBP/USD bounced from a Fib retracement AND a former rising channel resistance.

But, just like my homegirl Jennifer Aniston and her (about to be ex?) hubby Justin Theroux, some things just aren’t meant to be. In my case, that’s GBP/USD’s bullish run last week.

GBP/USD Daily Forex Chart
GBP/USD Daily Forex Chart

If you recall, the dollar got back some of the pips it had lost after the FOMC meeting minutes reminded everyone that the Fed is one of the more hawkish central banks out there. Add a bit of bargain-hunting and anticipation of hawkish remarks from Powell this week and we’ve got a fiesta for the dollar bulls.

Meanwhile, it was getting hard to push the pound higher without fresh catalysts. It also didn’t help that top-tier reports from the U.K. came out mixed at best.

Luckily, I was able to adjust my stop loss 200 pips higher from 1.3675 to 1.3975 when Cable broke above the 1.4100 handle.

Here’s my takeaway:

+95 pips / +0.23% on 0.50% risk

Pretty bummed that Cable’s uptrend had to end just when I decided to jump in. But hey, a few pips is still good pips, right?

Right now I’m focusing on managing risk on my short USD/JPY trade. As mentioned in my tweet, I was able to enter at 107.50 last week. Let me know if you’re on this move, too!

See also:
My Q4 2017 Forex Trade Review and Reflections
Latest version of the HLHB Trend-Catcher System

Huck's Signature

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.