Right then. Here’s one I highlighted last night as being one to keep an eye on – a GBPUSD long.
Action yesterday (and I’m talking here up until about mid afternoon US/ early evening UK) looked as though it was going to close out on a bullish pin, and I flagged the pin in this post.
My entry strategy was simple – wait until the session closes and if the pin bar remains, get in long towards an upside target somewhere in the region of 1.27. Well, the pin bar did form, and I got in (albeit with a slightly less aggressive target) towards 1.255. There’s still plenty of reward on offer, and it works nicely against my risk ratio, and I’m not forcing the markets into anything like an overstretch.
The chart below shows where the pin formed, and has my entry parameters overlaid.
So, trade entered with around 115 pips to be had on a take profit hit, with around half that on a stop hit (stop at the daily pin low).
The cable has been pretty good to me lately, but that means nothing from here on out.
Let’s see what happens…
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