British Pound - Profit Opportunity Unfolds Part 2
We said on Sunday that a big profit opportunity would present itself in the British Pound and the currency has soared to new 2 year highs, yielding a great profit for those who followed our trading methodology
So what is the outlook now? Let's take a look.
When we outlined this trade on Sunday, we said that prices could go either way and were at a critical juncture.
We actually favoured the downside, but price action gave us a long signal, so we went with it.
By waiting for confirmation and letting price action tell you where prices are going to go is always better than trying to predict and removes the emotion from trading.
So where is the Pound going next?
Let price action confirm again and don't anticipate.
We have a breakout to the upside and would now look for a weakening of momentum to take profit.
This would be signalled by:
1. A cross in the stochastic with bearish divergence
2. A weakening RSI
When you make a great profit in a short period of time it is tempting to take it, our view is normally to put half in the bank (which we are doing) and let the other half of the position ride and exit on weakness when it occurs.
KEEP IN MIND
As anyone who reads our articles knows and our main contention is anyone can make profits from currency trading with a simple system.
You don't have to pay a guru and all the information is FREE on the net.
All you have to do is learn it.
We also like to demonstrate our methods with live examples (unlike many gurus or self proclaimed experts) and the above is yet another live profit.
If you want to make money in FOREX trading you can do so by applying a simple system similar to the one we used for this trade.
If you are novice trader:
Learn simple technical analysis - Support and resistance levels and look out for valid ones.
Then learn a
Breakout methodology
Finally, get some timing indicators to gauge momentum ( we use stochastics and RSI ) but you can pick ones that are logical and your comfortable with.
YOU CAN DO IT!
FOREX trading is essentially simple and if you learn the above ( FREE on the web) you can soon be making some great high reward low risk trades and the good news is you can do it all on your own.
Good luck!
Related Tags: forex trading, forex trading system, currency trading success, forex trading strategy, british pound
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