Whew!

Whew! What a day! What a week! A total of 208 pips in 4 days. This has been my first week as a blogger and it has been quite exciting sharing through this medium. As an amateur blogger, I am still getting used to the concept of typing while trading! As such no live trades have been posted as yet. However, as my "blogging proficiency improves" the frequency of trade calls will follow suit.

Today was the perfect day for trading breakouts. Rarely, do we have days where the previous days low, the Asian session low and the Frankfurt open low were all aligned prior to the London opening session.... Now thats a mouthful...lol! Not to worry, once I get some breathing space, I will explain all these session highs/lows in detail. Such was the case with the GBPUSD. All the major currency pairs with the exception of the USDJPY had great breakouts today. Unfortunately, because of other personal commitments, I was not able to focus on trading today. However, I did grab a sure +54 pips on the GBPUSD breakout. Please see chart below. Lets discuss this a little.

4 hour and 1 hour market flow were down.. The immediate and dominant trend was bearish. Within 10 minutes of London opening at 0800 GMT, price broke the previous days low at 1.6606. An immediate retrace (pullback) followed on the 15 minute chart. Volume, liquidity and momentum as measured by my propertiary indicator validated the breakout as true! I placed my entry with confidence at 1.6604, for a sure +54 pips. I target a sure 50 pips on all trades. All in...all out. If my profit target is not hit within a certain time I accept the profits and close the trade.

I intend to post my full trading plan here and discuss risk management in detail, but have not had the time to do so as yet. Coming soon!

GBPUSD
Entry            @ 1.6604
Take Profit  @ 1.6650
+ 54 pips