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Trade of the day 20 Jul 2010: $GBPUSD short

by Gav Leave a Comment

This is a pretty straightforward trade. Looking at hourly chart, cable was coming to a resistance level and price rejections was observed. I went short around 1.5283 (though I wanted to get 1.53 as entry..but..anyway..). Two profit targets were achieved with last portion of position was closed at 1.517 level.  Potentially, cable might head to 1.51. Well, let’s see.

Here is the CHART!

Filed Under: Trading Journal Tagged With: FX, gbp, GBPUSD, trade of the day, Trading Journal

Reader Interactions

Comments

  1. James Gillespie says

    at 3:53 pm

    Nice trade gav…..I got in at 1.5220, very different startegy to yourself. What was your entry criteria on this trade ?

    Nice blog
    Cheers Jimmy

    Reply
  2. Gav says

    at 2:31 am

    Hey James,
    Good day. I am basically trading off support/resistance level, and observing price movement/behaviors before making entry. I hate to mention the term 'price action' because it is so commercialized now, and spammed by trading courses.. Anyway, that's how I trade.

    Reply
  3. James Gillespie says

    at 11:13 am

    Price Action – too true.
    Hope you got the EURUSD and JPY trades this morning……they worked really well for me.
    Jimmy

    Reply
  4. FFXD says

    at 3:27 pm

    Nice blog… and nice trades too.

    Reply
  5. Erwinlian says

    at 9:40 am

    Hey Gav. how do u determine ya TP ? Is it base of some ratio u work with or wat ?
    Care to share ?

    Reply
  6. Gav says

    at 2:12 pm

    For some unknown reasons, your comment was blocked. Just read your comment.
    I determine TP by market analysing support/resistance levels in my trading time frame. I know some traders are also using Fib extension to determine TP, you might want to check it out.

    Reply
  7. elian says

    at 5:42 pm

    thanks for the reply gav. Yeah I do it by fib extension. But also through support resistance

    Reply

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My Name is Gav.
I am a Father, Husband, Trader, And Blogger. A serious coffee addict. I started training since 2005, mainly on FX and Futures.

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