Potential Intraday Long GBP/USD Trade
Good afternoon and happy long weekend for those in the US - my wife, daughter and I are heading down to North Carolina to see some family and I hope some of you are getting a chance to relax as well - everyone be safe and enjoy.
I'm continuing to study and learn through demo trading. I feel like I'm progressing though still not making really good low-risk, high-probability trades. However, I do feel that demo trading and actually looking at setups and executing trades is helping me to learn.
That being said, I'm looking to gain some pips this afternoon by going long the GBP/USD off 15M support and resistance.
I've identified 15M support at 1.5153 and am currently waiting for price to pullback and catch my entry. SL is 25 pips backs, target is 75 pips to the upside, right around the current intraday high. Chart attached.
I'm continuing to study and learn through demo trading. I feel like I'm progressing though still not making really good low-risk, high-probability trades. However, I do feel that demo trading and actually looking at setups and executing trades is helping me to learn.
That being said, I'm looking to gain some pips this afternoon by going long the GBP/USD off 15M support and resistance.
I've identified 15M support at 1.5153 and am currently waiting for price to pullback and catch my entry. SL is 25 pips backs, target is 75 pips to the upside, right around the current intraday high. Chart attached.
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Good buy limit there. Good stop also. But take profits quick on this one. You cannot tell if this is re-accumulation or distribution. i suggest moving your sl to BE asap when the trade goes about 30 pips ITM.
ForexerPosted 07-02-2010 at 12:55 PM by forexer
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Thanks for the vote of confidence on the entry and SL - I think you have an amazing mind for analysis so I appreciate hearing that. I will be very cautious about taking profit, for sure.Quote:Originally Posted by forexer
Good buy limit there. Good stop also. But take profits quick on this one. You cannot tell if this is re-accumulation or distribution. i suggest moving your sl to BE asap when the trade goes about 30 pips ITM.
Posted 07-02-2010 at 12:58 PM by morgandallen 
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Damn!! Wouldn't you know - my target here was 75 pips and this morning while I was on a plane home it reached 72 pips profit - I wasn't able to cash in. Happy with the analysis though.Posted 07-06-2010 at 05:08 PM by morgandallen
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