GBP/USD 5min setups

[ChowClown]

Quite a bit of news likely to affect cable today, so need to bear these times in mind: just had 09:30, next is 11:30, 13:30 and 15:30...looking for a pullback to short atm.

 

[ChowClown]

...short from 5498, sl last swing high (5min) 5525, 5470 ish 1st target.

Edit: 10:52 - came close to being stopped out, now testing the round number, for the resistance/support switch scenario. My max loss is currently 1% and I regularly get stopped out between 0.5%-1%.

Edit: 11:06 - moved stops to 5513.

Edit: 11:37 - stopped (-0.5%). -1.9% for the week so far.

 

[ChowClown]

...in long now, 5533, sl currently 5505, will begin to move stops up as and when support develops.

Edit: 12:36 - stops now 5520.
Edit: 13:15 - stops now 5541.
Edit: 13:25 - stopped. (+0.27%, wk -1.63%).

 

[ChowClown]

Looking for short entry now...edit(15:17), long bias once again..15:30 news soon not heavy though.

 

[ChowClown]

Internet connection lost to several sites this afternoon, until now, inc my charting/broker. Will leave it for today now. In the downtime i've been continuing work on a EUR/USD method, off the 5 and 1 min TFs, i'll be unlikely to post the charts realtime but for the better runs i'll fling 'em up.

 

[ChowClown]

UK and US news peppered throughout both sessions today. Waiting for the 09:30 report to clear first before getting on board with cable. I'm watching EU now too intraday and will take a long from a 5min close above 3014, sl 3005, 1st tgt 3049.

 

[ChowClown]

EU long, 1st tgt filled @3049, 2nd tgt 3078. SLs now @ +1.

Edit: 10:08 - 2nd tgt filled @3078. Exits on remaining lots now moved to 3035.
Edit: 10:33 - 3rd tgt @3107. With current stops trade gain will be 2.5% turning the week +ve, just
Edit: 10:41 - remaining stops moved to 3047.
Edit: 10:54 - stops move up again to 3064. 1:4 risk/reward on this now.
Edit: 11:26 - stops @ 3068.
Edit: 11:50 - 3rd tgt filled @3107. 4th tgt @3135.
Edit: 12:00 - stops tightened to 3091 as we near lunch.

 

[ChowClown]

Now flat EU. Remaining stops filled for a total of +5.82%. Wkly tally now +4.19%...that's better Probably won't trade EU again through US. Might be tempted with GU later, but it will have to be a really tight setup.

 

[ChowClown]

Watching for a confirmed 5min break above 5715 (cable) and 3146 (fibre).

 

[ChowClown]

Long cable 5718, initial stops 5695, 1st tgt 5738...

Edit: 09:21 - a 5min close below 5700 and i'll exit.
Edit: 09:41 - closed at 5699. -0.83% (wkly +3.36%).

 

[ChowClown]

Waiting for the GU 5min consolidation to break now, should have waited for a better confirmed break earlier....live and learn.

This is the range i'm watching to break now.

 

[ChowClown]

Short GU 5690...will update later.

Edit: 11:14 - chart now added showing entry, initial stop and first few scaleouts. EU broke before GU which was a nice lead in plus GU price action nicely bearish around the break...support/resistance switch now in play...

 

[ChowClown]

Stops now at b/e given we're nearing lunch and there's 13:30 US news today, 1st target filled @ 5677. 2nd tgt 5655.

Edit: 11:55 - 2nd tgt filled @ 5655. 3rd tgt 5625.

 

[ChowClown]

Stops to 5675, have to go out.

Edit: 13:46 - stopped at 5675 for +1.23%. Wkly: +4.59%.

 

[ChowClown]

Long GU from 5658, 1st scale out approaching @5678. Mindful of news at 15:00, so this could turn into a quick grab.

Edit: 14:46 - took profit @5670 on the evening star, not worth holding longer this close to news. +0.88%. Wkly +5.47%.

 

[ChowClown]

Short (GU) 5643, initial stops 5659....1st tgt swing low. Probably last trade of the week for me.

Edit: 15:56 - stops to b/e now, another grabby trade into yesterday's resistance which may bounce as support from here.

 

[ChowClown]

Stopped for b/e on the last trade and I see both EU and GU are now making long 123s.

Keeping the journal is useful, I can already see where I can improve on trade selection so will put this into practice next week. I'll be more concise with posts from next week, it has been taking more time than anticipated. The Windows snipping tool is quite quick and handy so i'll probably use this more to save time.

 

[ChowClown]

Short GBP/USD from 5648 - took the s/r switch around London open...

 

[ChowClown]

1st scaleout 5610, which is the 138.2 fib extension of the setup and usually provides a platform for a bounce...

Edit: 09:43 - 5610 filled and stops to b/e on rest of position. Further scaleouts available @: 5575, 5532, 5488, 5444, 5400.
Edit: 10:06 - stops now down to 5616. Locking in +2.11%.
Edit: 10:29 - 5575 scaleout filled.
Edit: 11:02 - stops tightened to 5609.

 

[ChowClown]

Stops filled at 5609. So +2.9% on this trade and now flat.