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Mar 15

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Monday 15th March – AM

As it’s a Monday morning, I am usually a little slower to take stock of the markets and gauge sentiment, so best to miss an opportunity than to jump in at the first signs of movement and regret it later. Such was the case this morning.

Both Cable and Euro displayed “with trend” mini breakouts at 06:45 which probably would have taking me into long positions last week. I ignored these as both 5m and 1H charts showed MACD MA and Histograms showing possible short conditions emerging, the 1H charts clearly showed that we were at a Phase 3 position within a cycle so again looking at possible short positions. That said, I am very hesitant at this moment to take counter trend trades so had to wait for some better confirmations with waiting too long and missing opportunities.

If the USD is showing signs of volatility I have preferred to take positions on cable as the daily swings with cable are usually higher than that Euro, so with the Lo Risk and Commodity pairs (JPY and CAD) looking quiet I focussed on Cable. By 07:45 the 5m breakout at all but gone and the market settled briefly at its support of 1.5150->1.5160 just above the Daily Pivot Point (although as it’s Monday not taking too much attention to it).

I switched to the 1m chart and waited for my short entry pattern to appear. This was triggered at 1.5144 (would have preferred 1.5148). Stop was set 5 pips above the recent 1m high after the break shown to the short side – I am keeping my risks tight this week. So stop was set at 1.5175 with a 1:1 Risk/Reward ratio at looked at 1.5100 (BRN) as my target. Just above this target was also the 1H 50ema, so I set a limit order at 1.5110.

It took an hour to get filled and make my profit for the day; so very happy with the start of the week – at last.  Cable continued to fall and had my trade position been higher / pip I would have liked to have tried scaling this out and attempting to eek out as much profit as safely possible.

For comments and review please see trade below

1m GBPUSD Snapper 150310 +38pips

1m GBPUSD Snapper 150310 +38pips

Good trading to you all this week

Jim

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