30/07/14 -12:30 pm – This GBPUSD pair has made a new low for this movement towards the major support level at 1.6915 and started to move back up. I have decided to manually close out the trade and take 2% profit on my trading account balance I don’t want to be incurring any more carry over charges whilst the price messes around this support level. As below
25/07/14 – 19:00 – GBPUSD – I have decided to carry this trade over the weekend and into next week as we could see further downward movement for this pair. The price seem to be testing the lower trend line resistance but coming back down at the moment. I have also drawn in a Gann line from the Pivot I (lower green line) which shows a convergence with the trend resistance line around the 31st July, which also take the pair to the next major support level. I have been a little more aggressive with the trade management strategy going into the weekend as have adjusted the Trailing Stop to 1.70083 which now locks in 0.75% profit on my trading account balance, whilst still giving this GBPUSD Short trade room to work. Also note it is above the lower trend line of resistance. I may decide to be more aggressive next week and move the trailing stop much closer to the trend line resistance. As Below
25/07/14 – 07:00 – GBPUSD – The price has closed way below the initial support level for the last 4 bars. Although it is pulling back at the moment, I believe it will hit the trend line resistance level and then continue bearish. I have placed the Trailing Stop @ 1.70226 protecting 0.5% profit on my trading account balance and making this now a risk free trade. This is a conservative trade management strategy at the moment, hiding above the previous support level, which can now be classed as a resistance level for this GBPUSD Short trade, on this time frame. AS Below
24/07/14 – 08:00 – GBPUSD – The price has significantly broken through the initial support level at 1.7019. It is too early to adjust the Stop Loss as I need to see the next few bars close consistently below this support level. This level will then act as resistance to further movement up and give me confidence to place a Trailing Stop to protect some profit and make this a risk free trade. As Below
21/07/14 -08:00 – GBPUSD – The first XTL bar has turned red on this 240 min chart and is average or smaller than the preceding 20 bars. As usual I have calculated the entry point by adding 50% of the first red XTL bar length to the low of the same first XTL bar. The Stop Loss is calculated in a similar way by adding 50% of the first XTL red bar, but this time to the high of that same bar. So the entry point is 1.70513 with the Stop Loss @ 1.71088.