GBPNZD hit take profit 1 out stops to break even for a risk free ride to take profit2
Another winning week. 3 winning trades this week but two losing trades. Always use good money management.
No trade yesterday. It’s just as important to know when not to trade. Looking at a set ups on a couple of GBP pairs and Gold today. Hopefully they will materialise in to trades.
Selling GBPUSD
Stop loss 127374 (25 pips)
Take profit 1 1.2685 (25pips)
Take profit 2 1.2261 (50 pips)
Stop loss 127374 (25 pips)
Take profit 1 1.2685 (25pips)
Take profit 2 1.2261 (50 pips)
Price flirting with profit 1. Take some profit and place stop loss at break even for a risk free ride to take profit 2. News in less than an hour.
Very difficult week with pairs setting up but not materialising into anything to trade. One winning trade and one losing one so far. XAU seems to be consolidating. The world and his dog knows that GBP pairs are going down but cant find a safe entry, don’t forget the saying “to chase is to die”. Normally 1/2 trades per day but I’d rather stay out than gamble.
I didn’t have time to send this out because I was away from my screens when I placed the trade. Learn the strategy and take the trades yourself. 60 pip take Profit hit in 28 minutes. Message me for details.
My analysis of XAUUSD current price around 1283.5. I trade the 1 hour chart and use the 4 hour chart as my boss. After yesterday’s break out to the upside, we are clearly in buyers territory. There could be a case made for a sell, break out of 4 hour consolidation and price will come back to retest. HOWEVER, I wouldn’t want to risk this because firstly how do we know where it’s going to retest to, we may even be at that point now and secondly I really wouldn’t want to trade against this momentum. So I’m looking for a buy if price breaks and holds above 1286.5 on the 1 hour chart. The only exception to this would be if price zooms past this point and is therefore over extended (already made its move).
My analysis of GBP pairs. They’re all a bit choppy at the moment due to fundamentals. (Will May see out the end of May) GBPUSD and it’s sister pair GBPCAD look to be just below an important 4 hour zone. 1.26863 on GU and 1.7804 on GC. If these break and hold to the upside on 4 hour chart I will be looking for an entry to buy on 1 hour chart. For me to sell price would have to come down a long way , consolidate and then break an important low like yesterday’s low before I could sell.
I could be tempted to sell GBPJPY or GBPNZD if price breaks and holds below yesterday’s low. On any of these trades I would get my stop loss to break even as quickly as I could because any Brexit or PM resignation news can and will cause spikes.
I could be tempted to sell GBPJPY or GBPNZD if price breaks and holds below yesterday’s low. On any of these trades I would get my stop loss to break even as quickly as I could because any Brexit or PM resignation news can and will cause spikes.
Markets closed in London and New York so I will not be trading today. There is a nice set up on XAUUSD (broke thursdays high and is retesting that area. I would normally buy at this point (once it showed rejection), however with the main markets closed I have concerns over liquidity amongst other things so I will be keeping out.
So back to normal today. I don’t normally trade currency pairs in the London session after a weekend. But I’m looking for a buy on US30 if it breaks and holds above 25699.5 on the hour chart. 70pips or brokers equivalent will be first target.