Pound Sterling Dollar: Trade closed

Pound Sterling Dollar trade which was executed on January 19th has been closed positive right at the point where we wanted it to go. Trade-Progress was also discussed here, which almost went quite smooth, although price actually did go further down, and though bad news following the US unemployment data led to weaker Dollar which affects it to go back up to the Pound Sterling's favor.

Trade result on Pound Sterling Dollar pair:


First half was closed for +91pips manually, the rest was targeting further down at 1.6200. We can see there the green highlighted numbers are automatically closed by the software of my trading platform.

Being patient, selective, and applying simple basic rules are easier to trade with less stress rather trading at lower time frames which could lead many traders to a high level of stress, and ends to a quick ending of forex trading without mastering the full knowledge of the whole forex market. Remember forex trading also require lots of studies, time-consuming, experiences and mental discipline just like other careers out there. Forex also carries high risk:high reward ratio and has to apply your study theories and get them on practice for you to get to the level where you could trade forex market for your living.

For the newbies out there, I suggest to trade with demo account at first and practice to control your emotional trading behavior and also to prevent high amount of loss of your real money. A quick start of how to open a demo account has already been discussed before (click here for a quick link).

Regards,
Mairza

READ MORE - Pound Sterling Dollar: Trade closed

Pound Sterling Dollar trade progress

Continuing last Pound Sterling short trade, we could see a very nice down movement since the last Price Action signal we spotted at the swing-high of four hour timeframe. Price broke through the low of the BUOB, created an opportunity for short trade, and I actually took it. As usual, I took two trades on the situation.

First trade has already booked and took profit for +91pips, and the rest of short Pound Sterling Dollar trade is still running. Here goes the current trade shot:


As we can see price did not actually went down directly as we wanted to go. It went for around 50pips after the close, and then retraces back up. There were still buyers on the Pound Sterling pair, yet at last sellers won the way.

The entry line on this Pound Sterling Dollar trade is the green-dotted line, and the target profit price is the red-dotted line.
My Pound Sterling trade is now manage using manual trailing stop. Like the previous Pound Sterling Dollar trade, we want to have the low/high of previous candle as a support and the spot to set the stop.

Managing the trades we were on this situation were also a test for traders on how to deal on different kinds of certain conditions. Not every trades always goes a hundred percent like we wanted to go. Experiences, money-management, psychological behaviour are into play in this forex market. We want to trade inoccasionally which the objective is to reduce the forex signal noises, though we also wanted to be taking high probability forex trades with a high pip return.

Regards,
Mairza

READ MORE - Pound Sterling Dollar trade progress

Poundsterling Dollar Trade

A very nice setup seen on the Pound sterling Dollar pair. Directly broken the low of the four-hour candlestick, below round number, beautiful PA. There is no reason to leave this kind of trade. Price is also hanging on the swing-high. There is many space to go down as there was movement upward since last week.

Looking at the daily time frame, Pound sterling Dollar is showing a continuing downtrend. A possibility for price to go further down.

My trade here are going for short on Pound Sterling Dollar pair. Let's see how low it will go.

READ MORE - Poundsterling Dollar Trade

Euro Dollar Long Trades Result

These were my last two transactions:




Continuing from the last Long Euro Trades result
Following price action is very important. These two trades were taken by simple Price Action. Everything was clear, price went down, bounced off the round number 1.43000, inside the channel. This is one way for Forex Traders to trade in a ranging pattern.

READ MORE - Euro Dollar Long Trades Result

Long Euro Dollar Trade

Euro was ranging between R&S channel. I took this opportunity to take these trades, they look just good. Had two trades taken based on this situation.
Both trades were already closed.

Chart:

READ MORE - Long Euro Dollar Trade

Trade update:

Closed for 120pips by manual trailing stop.

READ MORE -

Long on Poundsterling Dollar Trade

Just like the previous post, I've waited for price to signal long for a trade and here it is.
A nice trade taken before New Year 2010, spread was widen, however setup was really tempting to take.

First target has already hit for +80pips and letting the rest run.

There are enough rooms for price to go further up, so in this case, I'm letting the trade run.

Chart:

READ MORE - Long on Poundsterling Dollar Trade