Mark explains in this post how he preplanned a trade for the GBP/USD which turned into a monster 200 pip winning forex trade.
Hi, I explained why and where I was looking to trade the Gbp/$:
“My bias is still to short and 1.3290 is the A grade for me.”
That was 240 pips away from the then position. I caught it to within 17 pips.
This was initially based on the weekly technical set up then backed up by fundamental and political events as the week progressed. Technical and fundamental analysis (both news and my own local knowledge) in perfect harmony!
After making the members blog post, rumours began to surface that Prime Minister of the Uk, Mrs May was going to make an unscheduled announcement from Downing Street. Now I don’t usually trade Fridays, but the day off was cancelled!
I was watching the TV, Twitter, Zero Hedge, you name it, I was paying VERY close attention. I also made a call to an ex-bank trader in London to see what he had heard.
I recorded the situation coming up to the news. What was going on. What I was thinking might happen and therefore my plan for the Gbp short.
The Gbp fell over 200 pips from my pre-planned entry and I caught a big chunk of it. Hopefully, you did too!
Here is the video to see the full story: