Trade of the day 20 Jul 2010: $GBPUSD short
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!



Nice blog
Cheers Jimmy
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.
Hope you got the EURUSD and JPY trades this morning......they worked really well for me.
Jimmy
Care to share ?
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.