Trade 3: Long EURGBP (+35 pips)
Break of trendline was the trigger for this trade, I am very bearish the GBP looking fo ropportunities to get short, this trade is really a repeat of the one a couple of days ago, in that trade I took th eususal 35 pip profit which now looks like an error. It easily made 100 pips before turning lower, of course hindsight makes things easier but you must learn from every trade you take. The set up here looks as good as the previous one and the GBP appears eak across the board, as a result i will look to double my normal target to 75 pips
Trade 2: Short GBPNZD (+35 Pips)
This one did not quite work yesterday but was an easy trade when it broke below the purple trend channel, I made an error yesterday when I didn't take the 35 pips that I normally do deciding instead to move it to risk free and hope for more pips.. I will monitor this trade more carefully. I am generally bullish commodities and hence commodity currencies and see real risk for the gbp going into the election
Trade 1: Long EURUSD (+35 pips)
A shortlived trade that jumped to target with a spike higher I can find no econommic reason for, the trade was taken when the pair broke a line of resistance that had defined the pair for the last three days. 3 days is a very short term trend line and hence the target was set at my ususal 35 pips. A sudden jump and the target was hit before I had any time to react, I am not sure if it can go a lot higher, German inflation was a notch below expectation and Mr Draghi spoke yesterday of th eneed to keep the monetary stimulus level very high. Both of these will be a drag on the Euro. After the question and answer session by the two main players in the UK election it seems ever more likely that the lead of the conservatives will narrow putting a drag on the GBP, I will be watching for a strong labour poll before triggering the GBPUSD short trade highlighted in yesterdays trade of the day section.
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