Hold until target, unless.

Screenshot

An update to our last screenshot. We Quite like the mix of GBP on the left and EUR and AUD on the right.

GBP on the left and EUR with AUD on the right.

GBP traded with (x) ticks set at 1470. The right-hand column is at 5-minute bars.

Strategy

Our strategy is a conservative breakout for each market; however, we will use our probability momentum strategy with GBP in a strong trending market.

The red arrow shows an entry from this morning in GBP/USD. The opportunity presented itself in both GBP markets. As we only trade one market at a time, it is a matter of picking one.

The Asian market time is often quiet regarding volume or bar size and movement. However, occasionally a good trade or two present themselves. Having said that very little happened in this trade until the European market opened at 8 am. The UK opening at 9 am often more voluminous and, this morning, coupled with European economic news.

Our trade progresses south slow but sure.

Hold the line

As the trade tickles the target line we are watching closely for any ‘technical’ sign that we will not achieve our goal; this is an awkward moment for novice traders. Our rule is that we always hold until target unless we have a definite reason not to such as technical, resistance or reversal. To show how difficult this can be, price in this instance cleared target and spread by a pipette then headed north. Fortuitous for us, maybe.

Published by Day Trader

I flew fast jets for 30 years of my life. I've traded full-time, more or less, for the last ten years, initially from fundamentals and over the last few years as a dedicated day trader. I live on the North Norfolk coast.

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