Taking it easy

Hello traders. I have been a bit lazy this weekend. Hence not providing the weekly update. Lots of things happening over the weekend with Greece again at the forefront. i won't repeat the news here as everybody is aware of all that's happening across the news wires. Instead, for this post, I'll give an update on two trades which came off well for me. One last Friday, and one today.

GBP/CAD

For this pair, I did something I wouldn't normally do, and that is trade down on the 15 minute chart. I didn't time the entry exactly right either.

I entered the trade on the blue 15min candle which hit the first resistant line. Nothing particularly significant about this pattern. It was a false break of the previous candle range. It didn't fit any particular description of a candle. I had entered while it was in the process of forming a pin bar, but in the end turned out to be cross between a spinning top and a pin. Entering before confirmation of a signal is always risky. I immediately took losses as you can tell by the following candle which whip sawed a little bit. Luckily I had set the stop quite wide. In the end, I caught a lucky break and the trade went my way. On a bad day, this could have turned out to be a bad trade. Need to learn from these aggressive impulse entries.

GBP/USD

Happy about this one. Picked out an inside bar - pin bar setup on the 4 hour chart. Short term trend was bearish, prices rejected between 20 and 10 period SMA. Entered 1.5802 with a stop just above the mother pin bar. Outcome: a low risk 77.9 pip profit -> a 1:3 win.

Some good data out about an hour ago from European session. Has supported a pop higher in most US based pairs (to the detriment of the dollar). Will be watching out for any bullish continuation signals later tonight or early tomorrow.

As always, good luck trading out there.