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It’s a brand-spankin-new forex trading month and I’m feeling aggressive! Here are my adjustments to last week’s trade ideas. 🙂

Long GBP/USD

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.

GBP/USD 4-Hour Forex Chart
GBP/USD 4-Hour Forex Chart

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?

Long USD/JPY

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.

USD/JPY 4-Hour Forex Chart
USD/JPY 4-Hour Forex 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! 🙂

XOXO,

Huck

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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.