13/01/10 – GBPUSD – Another day – another break even trade!

January 13, 2010

FX Trading, Trading Set-ups

Oh well another early start followed by another early morning break out opportunity for me on GBPUSD.

As you can see at Point 1 I was offered a breakout opportunity which broke strongly not long after setting.

Once again I was concerned that we were near a Big Round Number and also the 4 hour chart was butting up against the 200 MA so there was plenty of resistance.  But hey-ho this set-up doesnt happen very often so I just follow the plan and set the trade.

Price ran north and hit my Break-Even point.  This is were after moving so many points my stop loss gets moved to entry and I stay  in a risk-free trade.

Price went about 35 points in my direction before topping out and then reversing strongly.  It came back and hit my order at entry for a scratch trade.

So two trades this week on this system and two scratches. I think that has been due to price butting up against resistance and stops being hunted as I explained in my last post.  That’s just trading. Tomorrow is another day.

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

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3 Comments on “13/01/10 – GBPUSD – Another day – another break even trade!”

  1. Franklyn Fara Says:

    Many people just blow this stuff off, and I believe that their investing ability suffers because of it. There is a major tendency to wait for shortcuts that many folds wind up shooting themselves in the foot. A nice look at the real world helps everyone to maintain our bearing in a pitiless market.

    Like

    Reply

  2. Celena Devitis Says:

    Too many people pay little attention to this stuff, and I believe that their trading ability is lacking in the end. There is a major tendency to wait for the easy way that most people wind up doing more harm than good. A nice look in the mirror helps us all to keep a sharp focus in a pitiless market.

    Like

    Reply

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