Friday 23rd April – Finishing the week in profit – GBPUSD +32

It’s been a rum old time in the FX markets over the last 2 weeks or so. Some very interesting moves; some good, some choppy, some downright shocking!

Anyway I started the week with a few small losses and as the week’s gone on so my trading has got better. Today I finished up with just a few cheeky pips to finish the week on a high note.

There were a few early morning breakouts setting up on the Euro pairs this morning and I set orders accordingly. (Learn more about how to find the best early morning set-ups here).  In the end those orders never triggered as Euro moved sharply north.  I missed an absolute beautiful ‘Elephant’ set-up on EurUsd which was the trade of the day.  I know one of my interns took that trade and she did very well out of it. I was busy coaching at the time, but it was an absolute beauty of a set-up.

Anyway I was looking for Discretionary trades on Cable and was please to be able to trade the following set-up:

1.  Price runs north and bounces off the 15 minute moving average. On the 5 minute chart price reverses off the pivot level for the day and on the 1 min there is bearish divergence.  Lots of elements across multiple time frames telling me to go short.  So I did; at 1.5366 with a stop of 1.5382 and a final target of 1.5306.

2.  Price drops but there is a fair amount of support.  The bars are too big for me to ‘Brasso’ Trade them and also I’m getting ready for my now inbound coaching client.  However price hits my Break-Even point and I’m now in a risk free trade.

3.  Price continues down and its now starting to bounce off previous support on the 1 minute chart.  As I have a client arriving shortly and will not be able to give this discretionary intra day trade my full attention I decided to step aside at 1.5334 for a total of 32 points.

Price did continue down another 15 or so pips.  Had I watched the trade and trailed my stop I reckon I’d have got out at approx 1.5331 so I did myself out of 3 pips.  I can live with that.

So I finish the day with 32 points off 1 trade and that also ensures that after last week I’m back to winning ways. Enjoy the weekend!

FXTrader Paul