Today was a Bank Holiday in the US so Sterling did not post a commmentary, Chad's commentary was looking for an 1hrly close above the 1.5547 level, which we got several times. we also had 3 backend tests of this level prior to the news at 0930. I took the trade long on this third test
As we can see from this Trade it immediately his the second level and achieved 2R.
Now, I didnt quite take the 2R on this trade, because I hadnt setup a TP, so I will update my trading plan accordingly. Chad specifically mentioned this level as a potential TP and then would consider a short from this level... This is exactly what happened.
TRADE SUMMARY - DTFL TRADE NUMBER 1 - +2R
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OK, the next trade I took today was an M formation stoprun at a key level. I actually took +10pips of profit when NY opened though moving my stop to Breakeven could of netted me +30pips, I will adjust my trading plan accordingly.
TRADE SUMMARY - DTFL TRADE NUMBER 2 - +1.5R
Daily SUMMARY - TRADES 2 = +3.5R
Cash summary after Day 1 = + £350
Potential Cash profit = + £700
Lessons: Always consider setting a TP, Move SL to BE at NY open.
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As for tomorrow, on the EU was have had 4 down days, so we are really due a reversal, volumes didnt really return to the market today, and we still have the threat or war breaking out with Syria which will promote $Strength. WE do have a pin bar at a key level which is worth watching.
The GU we have 2 Pin Bars at a key level and also a rejection on the Daily 200EMA. A good entry for the long is my preference for tomorrow.
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