The two trades I opened earlier this week proved to be good calls with both USDCAD and Gold earning me a significant percentage gain.
I will release a post about the outcome of the trades shortly after this one, I just need to grab a bite to eat, had a small lunch and i'm the type of guy who can't function if I don't eat well! The last bit of my energy went into analyzing this trade setup and writing this post. (also saying hello my dog, which is a small ball of a lot of energy that requires about 15mins of playing + petting every time I come home.. shes a pug...)
So, I recently took my 3rd trade of this week (and year) and I am looking to get out quickly. I am taking a EURGBP down today. Here's a screen shot which paints a picture of why.
EURGBP Daily Chart
As you can see the pair is finding resistance at the white upper trendline, it has been doing so successful for a number of weeks and on multiple occasions, which normally increases the strenght of a resistance level (and vice-versa).
I am only taking a risk reward of 1:2 here but I also plan to get out of this trade anywhere from the 0.88 level.
I like simple setups and I don't use many tools and indicators... this setup so far looks solid and based on what the chart is showing I think it should work out well.
Important to note: Tomorrow is the Bank of England meeting, if I have profits by then I will look to probably get out of the trade (take profit) or I might move my SL into profit and add a trailing SL, this you will know once I release my trade recap post or if you are a member of the PipsMatter community.
See you later guyz & girlz!