Wednesday, January 2, 2013

GBPUSD Triangle Short Trade GBPUSD Triangle Short Trade
I am watching this setup on daily charts from past few sessions and have traded it successfully. Previous trade post [here].

Price has broken above the upper trendline in thin markets of Christmas and New-Year holiday week. 

I didn't took that trade because of thin markets. Moves can be irrational and volatility can he high in thin markets.

I don't believe in thin market breakout and expect the price to close below the upper trendline. 

My strategy is to go short on daily close below the upper trendline. Stop will be at today's highs.

--------------------------------------------------------------------------------------------------------------- GBPUSD Triangle Short Trade

UPDATE: I went short on break of support area. 

I opened short trade at 1.6290 and have locked in 20pips now. 

I am targeting 100EMA. 

UPDATE 03-Jan at 03:28GMT: GBPUSD Triangle Short Trade
Short trade is coming out very well. 

Now current price is 1.62111.

I booked half of my position size at current market price 1.62111. 

For rest half, I moved my SL to 1.6250 to lockin 40 pips. 

So total pips profit is 79(half size) and locked in 40 (half size).

----------------------------------------------------------------------------------------- GBPUSD Triangle Short Trade
UPDATE 03-Jan at 03:28GMT:
I exit this trade ahead of the weekend.

I closed rest of half trade at 1.6070 on touch of resistance area.

On second half its profit of 220pips.

So total profit for this trade:
Position opened at 1.6290. 

First half booked at 1.6211: +79 pips
Second half booked at 1.6070: +220pips

 Total profit: +150pips.

A nice trade.

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