Long

Go long break above GBPJPY 'A' up - Prudence

By chris333

Updated

An ACD' 'A' up trade setup through the Pivot Range and good 2.0 Risk Reward ratio.

Note

Raise stop loss to 150.17 below low of 1500 hour bar.

Note

With multiple contracts this level of 150.99 is a good place to exit some portion of the position. The handle is proving to be a key resistance level as would be expected. The longer we stall here the more likely a reversal in the other direction.
Once you have taken partial profit, trail the stop loss to 150.76 and let the balance of the position ride for another 30 minutes to an hour or so.

Trade closed manually

Exit position and take profits

Note

With the stop loss now at 150.76 and the original profit target still in place at 151.16 the Risk Reward turns negative. I placed a time stop loss of 30-60 minutes and no further push higher, so I exited and took all profits of approximately 100-115 pips.

chris333

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