Hi, this is a quick update I sent to members on Thursday 30th July about taking some profits and moving stops to lock in more profit.
There were pullbacks everywhere which is to be expected after big moves.
As many of you discovered this week, getting into a big winning trade or more is exciting and scary at the same time!
We have members who made 3,4 & even 500 pips, so well done to you all :).
If you are new or missed out then check out recent posts of mine so you will know what to look for and then how to trade them next time we see similar setups.
Trading successfully is 90% planning and 10% action.
I had lot of emails and tickets from folks who were having their best month ever, but were scared about trades pulling back and losing the gains.
If you are new or missed them then check out my recent posts where I showed you the analysis and the plans for the big moves, in advance. Starting 10 days ago with my previous week’s analysis plus this Sundays.
I have then shown how to scale out (take some profit off). How to manage them. Move stops to trail the moves, where and why. Also how to manage open trades around red flag news.
I recorded a short video for you, updating my actions on the open trades. Also a cautionary note re the Aud crosses.
The balance of the Gbp/$ trade setup I showed in recent analysis posts is currently +325 pips, but it has rejected (as expected) for now at least at 1.3000.
I previously closed half of the trade for 87 pips and left the second half to run as per my preferred profit-taking method. It is now +325 so I have taken a further 30% of the original trade off and moved the stop higher.
If it pulls back to 1.2800 I will be looking to long once more, but will probably wait until Monday. I do not take new trades on a Friday.
The Cad, I took 50%/60pips off earlier, today the pullback has taken the balance out for the same amount. I still expect it to drop. 1.3480 is my chosen spot to enter once again. This may not fire until Monday either.
The Euro/Aud, I took 50% off +100 pips, the balance just got taken out +10 pips. Again I still expect it to drop BUT the Aud cross pairs look risky now, so either trade on smaller timeframes or I am leaving until Monday.
The Gbp/Aud looks more interesting, if it spikes to 1.8260 I will short it for multiple reasons, including the daily range. If it does move higher that is where it will probably run out of steam.
Remember, the probability is what we are trading!
Euro/Gbp I am still looking to trade it long above 0.9000
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New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
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Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.