GBP/USD Two possible sell setups in this range/ Monday February 27, 2012

by jennifer on February 27, 2012

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Good Morning Trader Friends.

Hope you had a marvelous weekend. Rob Booker had a live seminar going on, and I joined in for the last couple of hours. It’s always so much fun to be around other traders who are serious about getting it right. So… On to a new week. I love Monday!

Keeping with the GBP/USD range we were looking at on Friday, here is a chart for you.

1. My Combo Lines have lost their space, so today I’m interested in this range.
2. The two green circles are areas I am interested in selling.
3. The red lines in the MACD and the RSI are potential barriers, so I will keep an eye on that before entering the second position if price drops back down towards the 800 SMA (black dashed line).
4. Don’t forget, a move outside of this blue shaded box is an Arizona Surprise Box break-out move. For me it’s worth 30 pips. Buy above the top of the box, sell below the bottom of the box.

Have a wonderful day!

Jennifer

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  • John

    Hi Jennifer, you say a break for you is worth 30 pips, what would the size of your stop be?
    Cheers.
    John.

  • Anonymous

    I realize my reply is a little late here… but I will let you know what I do. My maximum stop loss is never more than -70. If I have a break out, such as we have now on the GBP/USD, I would start out with stop loss just below/above my entry line, maybe -30 pips. The most important thing I do, though, is move to break even at anything over +12. That means I stop out at break even a lot, but it works out. Best of luck!
    Jennifer

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