GBPUSD Re-entered short

So the GBP had a short spurt on the news of the PSNB being slightly reduced, which resulted in my stop being hit on my previous trade.   The market has "calmed" again now and I see nothing within the price action or my indicators to suggest any new strength.   I've therefore re-entered at a new level and will monitor the price action from here.

GBPUSD trade stopped out on news

My GBPUSD trade was stopped out this morning for a total profit of 125pips.

I'm watching for a re-entry but am waiting for a higher bounce.

Apparently the UK reduced it's Public Sector Net Borrowing to £15.6 billion form £19.9 billion and although that was not as big a reduction as was forecast.......it's still appears to be giving the £ a boost.

Update: EURGBP short trade

This Fibonacci funnel trade is making slow progress.  It had a false breakout during the course of today, highlighted by the orange circle, and has re-entered the funnel.

However, my stop loss is in place as well as my profit target so I will let the trade run it's course, in accordance with my strategy and money management plan.

Update: FTSE 100 short trade

his trade has progressed well and I have been trailing my stop all the way down (brown lines).

The price has made a lower low but the indicators are up (red lines) and this represents a bullish divergence.   I am therefore expecting a retrace against the trade but my stop is in place and I hope it won't be hit so that I can participate in the onwards ride down.

In any event this has been a nice trade and I've managed it well so I am a happy with that.

Update: GBPUSD short trade

This trade has progressed well and I have been trailing my stop all the way down (brown lines).

The price has made a lower low but the indicators are flat to up (red lines) and this represents a bullish divergence.   I am therefore expecting a retrace against the trade but my stop is in place and I hope it won't be hit so that I can participate in the onwards ride down.

In any event this has been a nice trade and I've managed it well so I am a happy with that.

Update - ABF:LSE

My ABF:LSE Short trade is not going my way despite a 200 point drop in the FTSE index over the past two days.

I don't normally read any of the fundamentalist/analyst rubbish that is published but a press release on my broker's site today caught my eye as it was headed "ABF upgraded by UBS".   Apparently UBS is recommending the company to it's clients.

This encourages me to stay short!

As you can see from the chart my original pattern is still intact and there is a new, much steeper rising wedge within the larger pattern.......I therefore stay short....and wait

New Short Trade EUR/GBP

I took a new trade on the EUR/GBP pair shortly after the market opened last night(Sunday).   The pattern is a volatility funnel.

The chart shows the funnel and the thin green line shows my traditional entry point.

However, I often take what I call an "early entry" trade and this I what I have done here.   The entry was just after the price action appeared to have made a clear high to form the funnel.   Obviously, this is a higher risk entry than waiting for the break (or a second chance entry), but it often works well and increases the R:RR dramatically as it means your stop (red highlight) is much closer to entry but the target (green highlight) is the same as if it were a traditional entry.

GBP/USD Update

My GBP/USD Short Trade has made good progress downward.


The price action appears to be forming a bear flag pattern.   There will always be retraces in any trend on whatever time frame....It's all part of trade monitoring and management.



I've moved my stop to a guaranteed profit position just above the round number of 1.5650 and  my profit target down to just above the 1.5500 level.


I am holding the trade open for further downside pressure and I will monitor the price action throughout the day and move my stop order as appropriate.   Depending upon how the price action develops I may move my target too but as today is Friday I will probably close out the position before the FX market closes this evening as I don't like leaving profitable trades open over the weekend

FTSE 100 Short Trade - Update

My FTSE 100 Short Trade has made good progress downward.

The price action appears to be forming a bear flag pattern.   There will always be retraces in any trend on whatever time frame....It's all part of trade monitoring and management.

I've moved my stop to a guaranteed profit position just above the round number of 5550 and my profit target down to just above the 5300 level....yes....all the way down there!  My target price comes from the channel which the price has formed..but has yet to break....If the price action at the channel level appears to be resisting too much, I will close the trade at the bottom of the channel instead.

New short trade on GBP/USD

I took a new short trade on the GBP/USD pair yesterday just before I went to play golf....hence the late post.

You can see my entry point on the chart together with my stopp loss and limit order levels.

Note the direction of the indicators....all downward....

The first important level will be 1.5665 and the second 1.5600....I am expecting resistance at both these levels..but if broken the next level would be around the 1.5550, before heading down to my target.