Wednesday, 18 May 2011

H1 GBP/CHF and GBP/JPY

yesterday triggered a short on GBP/CHF. though I was aware of the drop before my entry. Hence I stayed in the trade despite the fact it closed on Red Line. However that was not the only reason I stayed in the trade. I would have closed it had it gone a bit furhter after the 8am candle close but it dropped at London Open which indicated it should give it another hour or so. I'm trailing candles due to consecutive red candles and bars. Not only that forex is highly volatile this pair is one of the top in volatility and sudden moves. My point is we must protect our realised profits. AS I write its still nicely dropping.




Similar  with GBPJPY entered prior to news. News brought the price back right back to entry price but candle closed with new low and never closed even closer to red line.

2 comments:

  1. This is something I need to master... taking the setup on from a non-sleepy alligator. I need to be more keen on catching the 5th & C waves as well.

    Nice trade!

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  2. Robert! Saddle point is the best place to start but if we have an open alligator and price is not far away from red line and/or its still first or 2nd fractal out of the mouth, its also a good setup to take. as you know. cheers

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