gbpusd
My two great today’s trades
If You fallow my blog, You can see some of my trades. You probably also see that everyone is winning, i have losses and b/e also but i wanna show good entries first. I wanna trade with 3:1 RR ratio. So today i took 2 short on EUR/USD and GBP/USD and split my size of trade on both. And close it after +300 pips. I used 50 pips SL on both so it’s 100 pips all. I’m using fibs +elliot wave teory to count the waves. Ok let’s see the example. First is the EUR/USD on 1h chart. I prepared for this trade for more than 2 days the same with GBP/USD. I soon published some more about Elliot Wave Teory. And also i’m planing give free forex signals to trade.
Long on the GBP/USD
I put limit buy order on 38.2% of move as You should know it’s fibonacci numeber . IF You follow my blog You should know that i trade with 30 pips SL. So lets analysis this trade. Trend on 4h it’s strong up. See chart below.
So You see nice spike up and then pound is pulling back to 50% or 38.2%. Putting limit buy order on 50% or 38.2% is not that smart becouse it’s preaty big move and You have to use large SL that i’m not interested in. So when i see move around 100 pips than i weited for pullback down and get in on 38.2% of 100 pips move. chart below.
My order had been activated at first circle and at second i manualy got out. So i took 40 pips profit
Sell limit order on GBP/USD
I put sell limit order on GBP/USD on 50% fibs with 30 pips SL and i took 50 pips profit on this trade. I put this limit order becouse pound made a new lower low so first conformation of a new trend or depper pullback. I also mark on the chart below whrere You can search for potencial buy area on fibs extansion witch is also fib cluster zone. I insert into the post hourly chart so You can see more . When You don’t have new lower low i remended to trade on 38.2% or 23.6 %.
Short on GBP/USD
So today i took nice short with 30 pips SL. I get in on the last fib retracement 23.6%
Why?
For me first sign of changing trend is fib extansion not hit (138.2%)
Nice downside move then retracemnet to 23.6% of move, trendlinebreakout on m1 and jump in.
Market sell 1.4738 SL:1.4768 TP:no + 68 pips gain
M15 chart GBP/USD
below You’ll see how i get in and get out on one minute gbp/usd chart
So i get in on fisrt circle after trendline breakout on 1 minute chart and i put 30 pips SL than i has been waiting my SL get hit or grab some profit. If I use 30 pips Stop loss profit of 70 pips is OK for my.