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Are you ready for another year of trading? I know I am!

As I mentioned in my Q4 2013 trade reflections, I’ll work on sticking to my system’s strengths and maybe risking a bit more per trade.

GBPUSD

This is why I’m planning on jumping on GBP/USD’s uptrend. The pair has been riding on a rising trend line since mid-November and has recently tested the 100 and 200 SMAs. On the fundamental side, I believe that the recent disappointments in manufacturing reports are temporary and that overall economic outlook for the UK is still bullish.

So here’s my plan. I placed an order (worth 0.50% of my account) at 1.6450 with my stop loss 100 pips away and below the SMAs and the trend line. I would have loved to enter at market but the MPC rate decision is just a few hours away and I’d like to give the pair some room. I don’t have a profit target yet but I’m looking for new highs. What do you think?

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.