PipOmatic

Based on a new strategy being worked on by David and me, I have identified this nice looking S/R trade.

A nice, easy example.

Note, this strategy is based on a strategy traded by Steve at http://www.nobrainertrades.com/ I strongly recommend Steve’s strategy and blog. Excellent stuff !!

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Looks like my stop got hit over night so I ended up with +14 pips for both lots. Not much, but better than a sharp stick in the eye

Haven’t posted any trades for about 1 week. Got a bit lazy, must try harder !!

For the record I haven’t traded that much. Just about broke even up until yesterday when I had 4 losing trades in a row. Last trade of the day pulled back half the losses, so looking to do better

Anyway, here is the only trade I have taken today. It’s the EURGBP. Went long based on a 5 min chart Gartley formation.

Entry: 0.7834
1st Target: 0.7848 (Same distance as the stop-loss entry)
2ndTarget: 0.7875 - This is the 127% expansion of the B to C leg of the Gartley and just below some other strong fib levels.

The first target was hit no problem. At that time I moved my stop to break even. Price is now consolidating around the 0.7855 area and I need to shut down for the day so I have moved my stop again to the 1st target level. This will ensure I get profit on both lots. Hopefully price will move up to hit the 2nd target, but if not, I’m happy scoring a win on both lots without having to monitor the trade.

Here’s the chart:

I closed this trade at the end of the US session. There wasn’t the momentum I was expecting to take price lower. Closed out for +15 pips profit.

Looks like the last trade was not to be

It seemed as soon as I had placed the trade, price headed slowly south to take out my stop.

Result: -68 pips.