GBPUSD
This is just a simple SR play. This is my trend continuation setup. Price acted as res so I marked the zone and once it broke the level when price came back it acted as support.
Have scaled out 1/3 pos and stops are at break. 2nd target will be most recent swing high.
J
People look for magic stuff and secrets of trading...but they dont realise that you only have to apply simply S/R levels and you can be very profitable...this trade shows how one can apply the simple but effective S/R concept...well done. I am still bullish this pair as long as we stay above 5750s
ReplyDeleteIt took me a little while to realise that the simple things especially in trading is often the best. As you mentioned as your thought of the day Joe:
ReplyDeleteWhat are the best market indicators? In order they are:
1. Price
2. Price
3. Price
I couldnt agree any more with that statement.
We all complicate things when we are new...but as we gain experience, we tend to simplify our approach to the markets. As a rule of thumb, a system should fit on the back of an envelope...
ReplyDeleteYour cable trade still looking good mate...if we go through the 5850s, we can easily see the 5900s...yu have already scaled out...so yu have nothing lose...
Niceone mate
Thx Joe
ReplyDelete