GBPUSD Setup - 25 Apr 2011

Last week, we see break out for GBPUSD to 1.6400(previous high since 8 Apr 2011) but it requires more retracement before it can break upward to retest 1.6600. As long as the bearish TL holds, we will see price move south to previous support level(1.6460, 1.6400, 1.6360 & 1.6300)

Trading plan based on current charting, i'll only be looking for Sell setup until price closed above the bearish TL.

I placed a pending sell order at 1.6500 after price rejected the bearish TL which formed a inverted pin bar on H4. SL will be set at 1.6560 and TP will be looking at 1.6400.

EP: 1.6500
SL: 1.6560
TP: 1.6400



Trade update: Trade closed at BE

GBPUSD Trading Range - 14 Apr 2011

I will trade within the yellow box until there is a clear sign of price broke out of the box. The range from top to bottom of the box is about 50-60pips apart.

GBPUSD Trade setup - 12 Apr 2011

Price didn't manage to close above the previous resistance resulting a pin bar formed on hourly chart. I placed a pending sell order at 1.62900. SL will be set at 1.63400.

EP: 1.6290
SL: 1.6340
TP: 1.6200

Trade update: Trade closed at BE

GBPUSD Trade setup - 11 Apr 2011

Took this trade after i saw price closed out of the bullish TL but resulted in a fake break out which push price back to retest previous high at 1.64250. Lost 50pips on this trade.



This is the 2nd trade i took after i saw price failed to break the previous high forming a double top. I placed a pending sell order right after the IB formed. Currenlty still in the trade with 60pips profit.

EP: 1.63800
SL: 1.63800 (previously set to 1.6430)
TP: 1.62700 followed by 1.6200



Trade update: TP hit 110pips

GBPUSD Trade setup - 7 Apr 2011

I was chatting on skype with 1 of the online gamer who is a FX trader too. Both of us spotted this setup after price failed to break the previous support at 1.6260. With a pin bar formed at 0700hrs GMT, i placed a pending buy order at 1.6310 and SL will be at 1.6260. I'll lock some profit when price is near yesterday high. Tentatively, TP looking around 1.6400 followed by 1.6450. Hopefully, with the critical news coming up for cable in a few hours time will bring her to 1.6400.

EP: 1.6310
SL: 1.6260
TP: 1.6450



Trade update: Trade closed at BE before the bank rate news was out.

GBPUSD Trade setup - 6 Apr 2011

Price failed to break higher 1.63700 (previous resistance). With a pin bar formed on H4 and a bearish engulfing candle on H1, i placed a pending sell order at 1.6320. My SL will be set at 1.63700.

EP: 1.6320
SL: 1.6700
TP: 1.6220

H4 Chart


H1 Chart


Trade update: Closed 50% at 40pips. Move SL to BE.
Trade update: SL hit at BE. 40pips profit.

GBPUSD Trade setup - 5 Apr 2011

After watching price rejected at 1.6100 with a nice long leg doji. I placed a buy order at 1.6140 (10pips high of the doji). SL will be set at 1.6100.

EP: 1.6140
SL: 1.6100
TP: 1.6260



Trade update: 50% profit locked at 80pips profit. SL set at BE.
Trade update: TP hit. 120pips