They were all on the GBP/USD pair, as always. The first of these was on Tuesday. The overnight trading range was just over 40 points, so I was looking to go long or short on any breakouts after 8.00 (UK time). On this occasion the price broke downwards and I went short at 1.5816.
I was preparing myself to take a loss if the pivot point was hit, but thankfully the price started to fall again and I was grateful to take a 16 point profit after the S1 level was taken out. In hindsight this wasn't a great risk-reward trade.
The second breakout trade occurred yesterday morning. The GBP/USD was again trading in quite a narrow range overnight and I went long this time at 1.5795 after an upward breakout. The R1 level was 27 points higher, and luckily I managed to close the trade at this level.
The final trade occurred today and is actually still in progress at the time of writing. After a downward breakout I opened a short position at 1.5770. However with the S1 level 46 points lower, I decided to close half the position for 20 points, move my stop loss down to break-even and see what happens.
It's been a really profitable week regardless, particularly with BP and a few other shares rising strongly, so I thought I might as well hold on for a decent return. I am not really expecting this S1 level to get hit, but it will be a nice bonus if it does.
Anyway I will update you with the results of this trade later on. Have a great weekend.
(UPDATE: Within seconds of publishing this post, I was stopped out at break-even, ie 1.5770. I knew I should have closed the entire position for 20 points. Never mind.)
No comments:
Post a Comment