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GBP / USD - Sell Set-up

This set up was executed using the 4 Hour time frame. We saw our sell indication which the Algo’s presented by displaying and red arrow. To gain a better idea we plotted a simple trend line (purple trend line on image) to confirm that the previous move up could retrace back down to this area of support.

Initially we used our 1:1 Risk to Reward however we closed this trade manually which allowed us to bank the profits just short of the 1:1. Even though the market had continued in a downwards direction, we are happy to be out this trade which roughly accumulated 170 pips.

EUR / GBP - Sell Set up

Yesterday we had a very clear buy indication. The Pro FX Algo produced a clear buy signal and price entered our trading zone (Tz). Although there was a resistance level around the 0.8933 mark, this didn’t seem to pose too much of an issue as most of the major and minor currency pairs were moving aggressively in one way - upwards. This was a trade we wanted to be in an out of within the day and not hold on for to long.

With all Algo's, and Technical's factored in, we marked this trade as highly probable so we entered the trade in at around 1% risk. This trade was ideal from when the entry level was triggered and banked 60 pips pretty quickly and without no pain. This is usually the case when you trade the Pro FX Algo’s with the direction of the daily trend.

Today is Friday and we stay clear of the markets to avoid being caught out by any unexpected weekend moves which could cause threat to us on market open. Instead, reviewing the current weeks movement, we will use the AlgoScanner to get ready for the retracement moves which could occur going into the new week.

Hello Pro FX,

GBP / CAD - Sell Set up

Although no clear trend, and the market displaying a period of consolidation, this gave us cause to reduce our risk down from 1% to around 0.5% - due to a lower probability of a success. In clear trending markets, where probability is higher, we usually keep our risk to 1% or higher.

Our stop loss level was quite tight, even for a hourly chart - so our profit target was around 60 pips. In this particular trade we kept our levels tight and saw the profit targeted being respected in the evening (GMT) of the same day.

This trade indication was pretty simple and didn’t need much strenuous analysis and higher time frame breakdown. A simple range break out using the Pro FX AlgoRunner and AlgoScanner made it effortless and quick to find and place. Using the Pro FX Trade Size Calculator also made it easy to manage how much to risk on this trade.

Stay tuned for more trade set-ups!

Happy Friday everyone!

CAD / JPY - Sell Update!

Our last post shared a CADJPY sell indication on the Hourly charts from the Pro FX AlgoRunner which had plenty of downside to capitalise on.

On this particular trade we closed manually and took a profit which was less than our 1:1 Risk to Reward ratio (see previous post).

Although we expected the CADJPY to fall to our 6.18 Fib Level, we saw price bounce beautifully off the 38.20 Fib Level. The next price bar then moved from magenta to blue, demonstrating that the 60 minute period of price action saw potential strength. We then saw price move out of our Trading Zone (blue zone). This was clear that an early exit would be wise.

Even though the CADJPY could fall some more, we are happy to take a profit just before the weekend!

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