I entered long on the break above the 0.8400 resistance however the upmove was fast and the first pullback came just 50 pips above the breakout level. The buy signal was a 4h bullish pin with an inside cluster following it. There was not much drawdown after I was in position therefore it was not too challenging to hold the long position. After the FED comments following the FOMC meeting the Euro had another good run which was extended into the next European session. I have decided to book the profit as the tactical decision timeframe (30m) was showing decreasing volatility just below the 0.8603 confluential level. Realized profit was over 2 time R-multiple.
EURGBP: profit taking
This entry was posted on Wednesday, September 22nd, 2010 at 4:15 pm and tagged with EURGBP, takeprofit and posted in journal. You can follow any responses to this entry through the RSS 2.0 feed.
Tag Cloud1stthrust 123pattern AlBrooks atr AUDUSD breakeven breakout confluence correction DAX doubletop ECB EMA entry EUR EURCHF EURGBP EURGBP pullback EURNOK EURSEK EURUSD exit fakey FED fibonacci firstthrust flag flow futuresmag GBPCHF GBPJPY GBPNOK GBPUSD GBPUSD pullback headandshoulders insidebar keltnerbands measuredmove mistake performance pinbar pivotlevel priceaction psychology pullback range recap reversal s&p500 setup stoploss strategy support tactics takeprofit trend trendline USDCAD USDCHF USDJPY
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- Summary 3/19 – 3/23
- Weekly Economic and Financial Commentary: Inflation Showing Signs of Taking a Bite Out of Growth
- The Weekly Bottom Line: U.S. Economic Boom to Last Through 2019
- Week Ahead: Fed, BoE, G20 in Focus
- US Fed and BoE to Guide Markets
- EURUSD Falls Further after Upbeat US Data; Focus Turns Towards FOMC Meeting Next Week
- Week Ahead – All Eyes on FOMC Projections; Pound in Spotlight as UK Data, BoE Awaited
- Australia & New Zealand Weekly: Near Term Positives Set to Fade for Commodities
- Japan Releases Trade Figures as Yen Increasingly Challenges Multi-month High Versus Dollar
- GBPAUD Bulls Break 1.8000 and Enter Overbought Territory