It’s late Sunday night and I’ve been doing some more TA. I spent quite a bit of time watching the FX markets now, trading off a demo account at FXCM.
Anyway been watching GBP/USD and have shorted on a nice technical setup and I’m currently up a decent amount so will think about closing out before I go to bed. 24 year lows on the pound is too good an opportunity.
Also noticed a delay from CMC on the FX spot prices so will look into potential exploits. I think it’s probably because the desks aren’t manned at this hour.
Update (10 mins later)
Well I barely clicked post before I closed out that trade, what a sensational drop that was. I’ve exited after 10 minutes for +£86.78 net of a £10k position
Setup, entry and exit:
Shorted at 1.3705 with cover at 1.3587. Double tops at the 200EMA are amongst the best setups in this market. As I write this GBPUSD is at 1.3562/1.3567 and going down which means I could have made quite a bit more. Either way when a trade goes so quickly in your favour there’s no harm in taking a sizeable profit, especially when you’re about to go to bed. I’ll sleep well tonight.