11 June 2008

GBP/USD @ 1.9561 BUY + 10 pips x 1 lot Profit

Hello my friends,

Today was another great day in forex, like yesterday as you saw in perfectsun's post.

Here is the trade for today (GBP/USD):

10.00 GMT (12.00 platform hour): I moved the Reg Channel to make a tighter range. At closing of the bar the candle closed a little above the RegChan but not very much. Also MACD turned UP. The 2 EMAs were already crossed.
10.30 GMT: Candle hits the RegChan and price retraces a little. W%R gives the signal for a good entry point.
At this point I took some risk because the price didn't break the RegChan. So I places a strong SL and that was it.

Entry: BUY 1 lot @ 1.9561
SL: 1.9561 - 10 - 1 spread = 1.9550
Time of trade: 5-10 minutes to reach target

Profit: 10 pips x 1 lot x $10 per pip = $100

That's all for today.

Happy PIPpin' !