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This site is currently inactive as I have decided to move away from exclusively trading Forex in 2010 and as such will not be taking on new coaching clients in this area.

 



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Until next time


happy trading 


Mr Phil Newton or on LinkedIn Phil Newton trader

Discretionary trade management on GBPUSD

Phil Newton's picture

Hi Folks, 

A good session in the Live Trading Room. 3 trades; 

  1. Scalpers to Target 2 (+15 +30 0), swing stopped out (-20x3)
  2. Swing trade to taraget 2 (+50 +100), Scalper all 3 targets (+15 +30 +45)
  3. Scalper all 3 targets hit (+15 +30 +45)

A good session all in all but very quiet with all the action happening early morning and late afternoon. One of the things that filtering trades with the trend is the ability to easily make some discretionary adjustments to targeting using some Simple Chart Reading to potentially shoot for a larger target.

A last minute decision in the LTR today was made to run an open target on the last 3rd of the swing trade portion for a larger target.

But where to put that? An initial target was looked at for 400 pips from entry which is essentially taking me to an average weeks movement.

With that initially decision in mind looking back across the chart at that 1.5030 location I can see that there is some prior support and it is also an area on the chart where a previous change in the balance of power has developed with some Simple Chart Reading .