Monday, Apr 2, 2012 — GBP/USD Monday Accelerator trade gives support to my Combo setup

by jennifer on April 2, 2012

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Good morning Trader Friends,

I have a trade setup to share with you. The first chart is a pivot setup, I know you will recognize.


This is an old setup I learned from Rob Booker, called a Monday Accelerator. I always look for a setup on Monday morning where price is distant from the new weekly pivot point (in green). The idea is that price tends to accelerate back to that level early in the week.

The GBP/USD is also setting up a short Combo Trade for me. It looks like this:

1. A move above the recent high and I will be interested in a buy for 30 pips.
2. I notice there is bearish divergence with price and the indicators. I am interested in selling to the first Combo Line (50 sma), and again if price breaks below that level to the second Combo Line (100 sma).
3. I always move my stop to break even at +15 to +20 pips. My intention is to be in a trade that is ready to move, not to hold on for a long time.
4. My profit target is usually +30 to +50 pips.

Have a great day!

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