GBP/USD Short Entry Off TL Retrace

DREBG · 11-23-2009, 10:41 AM

I took this trade this morning and will manage it as it progresses- possibly moving SL and Target DOWN as PA dictates. Looking for 30 pips to just above the 50% Fib of the up move from last night's range break. R&R is 1:1.5.

11/23/09 - 10:16a NYT - GBP/USD - 5 Min Chart - Short Off TL Break and Retrace

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UPDATE: Covered 1/2 of Position @ +19 and Moved Remaining 1/2 to +2

I wasn't comfortable with the bulls showing up so strongly only 1 pip shy of my Target so I decided to cover 1/2 the trade and move the balance to +2. What would have been +60 net pips at the original Target (based on position size), is now locked in @ +21 net and is still open.

11/23/09 - 12:05p NYT - GBP/USD - 5 Min Chart - Covered 1/2 Of Position @ +19 & Moved to +2

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UPDATE: Target Moved to 1.6585 and SL Moved again to +15

Trade is looking good and Target has been moved to just above 1H 21 EMA @ 1.6585. Decided to lock in more profit by lowering SL another 13 pips to +15.

11/23/09 - 1:16p NYT - GBP/USD - 5 Min Chart - Target Lowered and SL Moved to +15

abcaddictsclub · 11-23-2009, 01:25 PM

Very nice post! I like the updates too.

We were thinking on the same lines this morning.

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DREBG · 11-23-2009, 02:21 PM

Thanks, Kate! We were definitely thinking alike today!

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UPDATE: Trade Complete - Stopped-out Last 1/2 of Position for +15. +34 Overall.

I saw PA reversing and THOUGHT about getting out earlier but (came w/in .3 pips of Target! Doh!)... Ended up just letting PA take me out.

All-in-all I'm happy with the trade- VERY low risk and solid money management. Hit 57% of profit target (34 pips vs. 60). Thanks for checkin it out, ALL!

11/23/09 - 1:48p NYT - GBP/USD - 5 Min Chart - Trade Complete for +34 (+19 and +15 scaling out)

(Please see MT4 Trade Journal @ Chart Bottom for Confirmation/Details/Prices/Times.)

dangap · 11-23-2009, 06:09 PM

Hi Dave,

Thanks for sharing, great trade!

Dan.

Anand04 · 11-24-2009, 08:20 AM

Excellent work Well done.

11-23-2009, 06:09 PM	#4 (permalink)
dangap Badges About Assets Join Date: Aug 2009 Location: Australia Posts: 52 InformedPoints: 0	Hi Dave, Thanks for sharing, great trade! Dan. __________________ *Make your future bigger than your past.*

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11-23-2009, 01:25 PM	#2 (permalink)
abcaddictsclub Badges About Assets Join Date: Oct 2009 Posts: 73 InformedPoints: 49.75 Funds	Very nice post! I like the updates too. We were thinking on the same lines this morning. ------------------------------------------------------------------------------------------

11-24-2009, 08:20 AM	#5 (permalink)
Anand04 Badges About Assets Join Date: Nov 2009 Location: Mumbai India & London England Posts: 16 InformedPoints: 99.50	Excellent work Well done.