Hello, welcome to today’s digest. Yesterday, I didn’t get the chance to close down a trade at a decent profit as I had to go out for most of the day. So I was hopeful of a better day today, as I would be available to monitor any trades that took place.
I got to my desk just prior to 06:45 and noted how flat the price movements had been in GBPUSD overnight, yet again. Again, the price was trading below the Daily Pivot of 1.6163. The signals were at that time marginally indicating a turn downwards (15 min chart), however, the price started moving up as Frankfurt opened.
With the signals still pointing to a short, I set an order to open @ 1.6170 around 07:15. I was looking for a scalp of 20 pips here. The trade got triggered, and then the price swung around and climbed again. I had my stop loss set @ 1.6200, and it stopped short of that by 6 pips. Thankfully, the price dropped after that, and surpassed my initial target of 20 pips by some 12 pips. I was a little slow to react, eventually closing @ 1.6146 24 pips to the good (21 net).
Although by 09:00, the signals on the 15 min chart had swung around to now indicate a climb, the candlesticks were still filling me with uncertainty. I wanted a clearer picture before I made any further decisions. I decided to leave it at that and look back in around lunchtime, which from where I’m sitting is when New York opens for business.
At 12:30 I looked back in on the platform and seen that my uncertainty had lost me a potential 50+ pip profit. I did instantly have my eye on another short trade though. At 13:00 I decided I was going to pre-empt the indicators and go short, setting the order to open @ 1.6205, again I was hoping for 30 pips or so.
It turned out to be a good move, the price actually dropped to as low as 1.6165. I didn’t close the trade at that point; I moved my stop loss down to the opening price and waited a short while to see if there was going to be more to come from the trade. There wasn’t, and I did eventually close just after 15:00 @ 1.6182 with 20 pips of net profit.
All in all, it was a reasonable day today with an overall net profit of 41 pips. There still seems to be a little uncertainty in the pair at the minute, but as long as I can continue to scalp 20/50 pips each day, I’m happy. I’m sure there will be opportunities to make bonus big profits to come soon. The account is now sitting at £481.00.
News affecting the British Pound tomorrow; at 09:30 M/M Manufacturing Production & 12:00 Official Bank Rate. Enjoy the rest of your day on the platform & good luck.
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