Here's a trade that I currently have on. I'm short the GBP/USD pair because my system is giving me sell signals on both the 1hour and 4hour time frames. Although the cable has been basing lately and it looks like it might break out soon, this choppy price action is providing a pretty good opportunity to pocket some pips, even if the move is just a pull back before the breakout. Bottom line...it seems to be a pretty good low risk/high reward trade. Here's a 3 hour chart from my brokerage account that shows my various entries(down triangles), stops(redlines), and targets (green lines).
I don't know if all the targets will get hit, especially the bottom 2, so my game plan is to watch the system and exit if I get a reversal signal before the targets are hit. It's kind of a take what you can get attitude for this trade. We'll see how it plays out.
Good luck out there.
TLT
I don't know if all the targets will get hit, especially the bottom 2, so my game plan is to watch the system and exit if I get a reversal signal before the targets are hit. It's kind of a take what you can get attitude for this trade. We'll see how it plays out.
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