Thread: My journal, basic support and resistance makes you wealthy..

Trade #1

EUR/GBP

Brief if candle closes below blue trendline (H1)
Stop @ 0.7990
Limit @ Green trendline (H4)

I Am Operating on GBPUSD. I am waiting for the candle pattern to form a change confirmation. On some views it could be a counter trend trade. But it will not risk you so much as the stop will probably be tight. And I shall give more room if price belongs on my own way. I anticipate it could go for 1:2 risk to reward. I shall update more about this trade shortly.

Trade #1
opened @ 0.7922
stop @ 0.7982
restrict @ 0.7862

Update:
29/9/08
Cease hit @ 0.7982

GBPUSD is showing early reversal pattern now. Well, it's a little tough here, I had been expecting it will initially drop at least to 1.7730's area before looking for reversal trading. I'll wait for tomorrow european session though. It's a bit tricky in session when quantity is small, and may bring me to price movement.

However, here is the idea. I'll be placing my halt 20pips below recent low. And will place my limit in the top station or around yesterday low @ 1.7950
**I will post the update because I enter the trade**

Trade #2 *Upgraded*

I am waiting for H1 current candle to print a bullish candle. It is gonna be my entry point. And stop will be put under 1.7730's place, @1.7710. My first goal profit @ fibo 38.2(1.8100), second @ 61.8(1.8300). After price strike 23.6 I'll move my stop to break even.

Joyful Trading!!

Trade #2 *Upgraded*

As the GBPUSD is still consolidating. I draw this range box to be triggered by the price. When the candle sticks over the box at 15M time frame, I'll long GBPUSD. With the identical target profit. The stop will probably be 130-150pips below the entry price.

Trade #2 *upgraded*

I have only been to college, once I came back the candle broke the bottom of the box which cancel this transaction. I will look for another setup.

I enjoy your chart unclutterd and clear, I trade exactly the smae way, supprot and resistance. All the best

Originally Posted by ;

I like your chart clear and unclutterd, I trade the smae way, supprot and resistance. All of the very best

you are able to share yours here if you would like to. You're more than welcome.

I don't feel as though shorting GBPUSD although it appears like to start trending down. I will go long on this pair if candle M30 closes above the blue entrance line. And then Stop will be put 20pips below the recent low. Limit will be put on the green line.