I’m currently having a floating sell on gbp/usd. As I wrote in previous intraday trading idea, I would open a sell trade if gbp/usd price broke 1.5989. It happened yesterday, so that I opened sell at 1.5989. It’s currently floating on 204+ pips. Below is the chart with a little explanation.

Before you continue reading, please note that by showing this trade’s result (and any other trade’s result within this blog) I’m not trying to hype you with such thing like “the easy way to gain thousand pips a month“. I’m just trying to tell you that you can make profit using data from these free resources. Actually, my daily pip target for gbp/usd is only 20 pips.

The above image shows my floating trade with 204 pips (it was captured about 1 hour before I write this). I opened that trade yesterday at 1.5989. That entry point was defined in my previous trading plan (along with profit target at 1.5590).

There are two thing that convinced me to opened that trade: first, the failure of gbp/usd price to make new bullish trend. Note that white-circled part, price rebounded to south (downward) and broke the trendline. Second, Danske analysis for 03-11-2008 (yesterday)which suggested a short trade if price broke 1.6000.

I didn’t put any clear stops, instead I planned to close the trade if price opened above 1.6075. This price (1.6075) was taken from second support defined by Mizuho yesterday (03-11-2008). I also planned to use trailling stops.

The above image shows that price got support at around 1.5800. That matched with third support defined by Mizuho yesterday (03-11-2008) which was 1.5800. Now, you are probably questioning why I haven’t closed that trade?

Well, you see that I have secured 100 pips from that trade by moving the stops (trailling stops) to 1.5889. As I wrote above, my daily target for gbp/usd is only 20 pips. 100 pips is equal to my target for 5 days, therefore I dare to wait my recent profit target (1.5590) to be reached. Moreover, the latest Trend Analysis says that it is a strong downtrend (score : -100)