GBPUSD closed, SL hit

No surprises, but the GBPUSD stop loss was hit a couple of days ago (that is the bonus of a SL). Mine was hit at 1.57043 - just below the SL. That gave me a profit of 37 pips in total (a profit of 7.48) a nice little week of earning money! Have a good rest of sunday!

GBPUSD update

We are nicely in profit with the GBPUSD trade we have going at the moment. However, we are in uncharted territory here, so I want to lock in the profits we have. I have set the SL at 1.57046. This is well kn danger of being hit, but hey, it is profit no matter what. The TP is set just under the last resistance point which is 1.7610. This gives us some wiggle room of about 60 extra pips.. not confident it will shoot up, but we shall see! Happy trading, we are in profit on this one, and are guaranteed at least roughly 40 pips. I can live with that! ;)

Stopped out on both trades

well, I had moved the stop loss up on both trades to ensure that i did not pick up a reversal that I was actually quite worried about - knowing that both were at Support/resistance levels, so really happy with the quick in and out nature of these trades.

GBPUSD was stopped out at 1.58760 for a 24.3 pip profit

USDCHF was stopped out at 0.91400 for a 54.4 pip profit

Here's to some more porfits in the next few days/weeks!

Happy trading!

2 trades opened last night

So late last night, there were two trades that opened - one on the GBUSD and one on the USDCHF.

The GBPUSD was a sell order at 1.59003

The USDCHF was a buy order at 0.90856

So far they are both in profit, and what's more important is that I have moved the stop loss to break even. This is something that I will be doing more and more of - moving to breakeven as soon as possible. What this will ensure, is that I will very rarely have a losing trade.

Just a bit of commentary on the trades as they stand -

GPBUSD I am up about 50 pips os far, and it is reaching new lows over the past. It has hit some major support levels, so I will monitor the trade to see whether I will get out or not - if it were to break the resistance, then it could signal a very nice profit! I have locked in 25 pips profit on this trade.

USDCHF - Nearing it's high from September, and I am already in proift by about 100 pips. Again, there are some major resistance levels which will need to be monitored. I have locked in 50 pips aleready on this trade, so regardless of what happens, I am guaranteed a proift which is great!

If for nothing else, this does make the system look better - the more winning trades, the better (but I guess that kind of goes without saying!

What is really heartening about this though, is that in the very very choppy market we have experienced lately, we have not been in it. This is such a major factor - that if you do not knwo how to proift in a market - DON'T GET IN! There are always going to be trades in the market place, so why take rubbish trades??

Anyways- happy trading, and I will keep you posted on how the trades pan out!

Watching GBPUSD

Well, most of the markets are trending quite strongly at the moment, and have done for the past week. It would be very easy to get into quite a few trades and make a tidy little profit - however, that woudl take a lot of time sitting in front of the computer, making sure that you can get out as quickly as possible if the trade did go against you - which is why I am not getting into any trades at the moment. If i were to do that, then I woudl not be following my strategy rules effectively.

With that said, there is a good chance that in the next couple of days we could have a signal to get into the GBPUSD (To sell which is contrary to where the currency looks to be heading) I think that this is more of a little false peak, and it will soon turn downwards again. Even if I am wrong, it would be no disaster, as I will only get into the trade if the indicators say I should - this will almost guarantee that the trade will go to profit (looking at the backtesting in any case... which can be very misleading in my opinion - but it is still nice to be able to look back saying that the strategy has never lost... )

I can not see anything else on the horizon as of yet, but the markets will change, and I will be there to try to catch them.

Just a reminder, that the last trade was +220 pips, and the other one I pointed out (but focused on the other trade so missed the boat) went to about 380+ pips that woudl have given us a 330 pip profit (with the 50 pip trailing stop).

That would mean that we woudl have had about a 10% increase in one or two weeks!