[TW] 16-06-2012 - GBP/USD (Long) by imtrader

Long or Short: Long

GBP/USD 4-Hour

Entry Point: Buy at Week Open (for now it closed at 1.5699)
Stop Loss: Trailing stop 150 pips
Profit Target/s: Ultimately 1.6300
Reward-to-risk Ratio: Possibly 4:1 (could be more if you add to the position)
Risk percentage: 2%
Indicators used: None
Trade Rationale:

[/li][li]Price just broke out of an ascending triangle
[/li][li]Weak U.S. Data on Friday
[/li][li]Speculation of easing action from the Federal Reserve in its next meeting

I’m a long term trader so I’m not afraid of holding this trade for a month or even more. Just note that I’ll be making adjustments to the trade that I won’t be putting here. But this is the general idea! Feel free to give comments or feedback on my trade!

Most of the time the market would retest the broken level .I’m not a long term trader.so I prefer to buy on re teset of the level at 1.5600 with a tight stop 1.5550 and profit target 1.5700 .
I think it’s good for short term traders.


ditto… i’ve got mine sitting at 1.5640 good luck.