GBPUSD EURUSD Night 1 April 2010

Posted by GBPUSD 100 On 8:52 PM

Morning Trade Review
GBPUSD Breakout for Long invalid.
Aggressive trade entered and gained at least 30 pips.
Breakout for Short entered but the profit is too less to shift the stop loss to entry point, so hit stop loss of 38 pips.
EURUSD Breakout for Long and Aggressive trade invalid.
Breakout for Short entered and gained at least 30 pips.


Today market trends in small range because many financial firms are waiting to exit during Non Farm Payroll {they had entered market few days ago}
Tomorrow will be US holiday too, market will be quiet than usual.
Recommend strategy: "Sell High” + "Buy Low" +to trade in the high and low point in the range, keep Take Profit in your pocket is the best way. .

GBPUSD - Breakout Strategy
Long - EP{1.5328}, SL {1.5291}, TP - 1.5423
Short - EP {1.5231}, SL {1.5269}, TP – 1.5128

EURUSD - Breakout Strategy
Long - EP{1.3588}, SL {1.3561}, TP- 1.3683.
Short - EP {1.3481}, SL {1.3519}, TP- 1.3368
Take Note:
1. To prevent false breakout, the price must broken through EP at least 10~15 pips and retrace back to EP before enter trade.
2. If hits SL, wait for retracement of 10-20 pips {low risk trader waits for retrace and break SL price again} to enter opposite trade.

After 22:30 {GMT +8:00 Singapore} the market trends up but failed to break
GBPUSD{1.5328}, EURUSD{1.3588}
When the market is no longer going downward instead it reversed upward, now it is time to enter Long trade, SL is 38 pips away from EP.

After 22:30 the market trends down but failed to break Breakout for Short or false breakout
Waiting for the direction to reverse and trends up before enter a Long trade, SL is 28 pips away from EP.

Aggresive trader
GBPUSD Sell - EP “1.5300”,
EURUSD Sell - EP “1.3560”,
When the market is no longer going upward instead it reversed downward, now it is time to enter Short trade, SL is 38 pips away from EP.

Take Note:
3. Aggressive trader: As long the condition for entry is fulfilled, EP can be plus or minus 20 pips
4. If hits SL, wait for retracement of 10-20 pips {low risk trader waits for retrace and break SL price again} to enter opposite trade.

Buy low trader pays attention to the major line of
GBPUSD {1.5050-1.5000}, EURUSD {1.3400 – 1.3350}.
If the price is unable to breakout, enter Long trade with SL of 10-20, take profit after price retraced.

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