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Jun 30

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Wednesday 30th June 2010 – long wait for opportunity + 30pips

Yesterday’s AM Euro session didn’t yield any opportunities for me as the Euro moved 100+ pips from 03:00……only the dedicated or dead would have been up for that one, or I guess those in Asia. So yesterday the Euro was off-limits and sterling just kind of moved sideways without any real direction.

So this morning I was a little like a Brazilian goalkeeper……..waiting and waiting for something to happen !

Sterling had been showing a short side for a couple of days and a nice setup appeared during the morning that allowed me to hang “my hat and coat”. The “hat” is where I put my stop-loss and my “coat” is my entry. The length of my coat is my trade risk and reward.

Trade 1

Short GBPUSD Entry at 09:39 1.5026 : Stop Loss @ 1.5060 : Target 1 @ 1.5096 Target 2 @ 1.5066

Trade moved well after entry and hit my first target at 10:07, just 27mins after entry – a good sign. I took 2/3rds of my position off the table and moved my Stop Loss down to my entry position for a risk free trade. At 10:17 there was major spike in the markets and the price rocketed up 55pips in 6 mins and hit my new stop, so my last 1/3rd closed at BE.

Patience is a virtue +30pips

Really happy with the execution of this trade and my patience in waiting for the market to show me the way rather than trying to see setups and moves that just are not there. Not quite maximum score as I achieved just 1:1 risk reward, but my execution was perfect as per my plan and glad to be off the PC before midday !

Happy Trading

Jimmy

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