1/3/10 GBPUSD Early Breakout – +45

March 1, 2010

FX Trading, Trading Set-ups

Had an interesting (meaning profitable) end to last week which I’ll write about later this week.

So new week and new month.  I was lucky enough to start this month like I finished last one with some nice profit.

Cable set up nicely with an early breakout opportunity so the trade was set on my platform.

1. Trade triggers short @ 1.5145. It goes against me initially and moves to  within 1 point of my stop loss where I was expecting to be stopped out for a full loss.

2.  After being lucky enough to not be stopped out price reversed and then dropped eventually to my break-even point.  Now I’m sat in a nice risk free trade. 

3.  My target was the BRN at 1.5100.  Normally I’m very wary of having entry orders around BRN’s but for a short target like today I was happy to have the BRN acting like a magnet for price.  My plan was to place the target but move down and manage on the 1 minute chart when price got near.  If there was lots of support there I would just close at market.  Today once again I was lucky and price dropped down to the BRN and hit target. 

So target hit for a +45 pips, 3:1, 6% profit trade.  Once again was very lucky and now I can pack up my trading for the day and head off for a day in London with my coaching clients.

 Trade Well!

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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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2 Comments on “1/3/10 GBPUSD Early Breakout – +45”

  1. James Gillespie Says:

    Indeed very nice; holding on for any longer would have taken out your stop loss 1 hour later.

    I am interested to know where your stop loss was on this trade as you mention you were 1pip from getting stopped out.

    My logic suggests it would have been at 1.5175, which would have given me a 1% trade gain; you were obviously alot tighter.

    Thanks for your blog, great to read a blog that is updated with “real” trades on a regular basis.

    James

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    Reply

  2. FXTraderPaul Says:

    Hi James,

    Thanks for your comments. Yes on this particular trade my stop loss was much tighter which is what gave me concern when I was due to be stopped out. However in this case I was very lucky and the trade went my way.

    You’re right that had I held on much longer I would have been taken back out for a B/E trade. I put that down to my back & forward testing of my strategy to mould it to my personality and risk profile.

    Don’t worry I haven’t forgotten about writing a post for you on Fear….I’ll get that done this week.

    In the meantime thanks for the positive feedback on the blog (and please spread the word). There are plenty in the trading world who talk the talk, I hope that by seeing the good, the bad and the ugly in our trades that you’ll recognise we’re no different or special from anyone else we’re just working hard to be the best traders we can be.

    FXTrader Paul.

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