GBPNZD Inside Day Play Triggered Short
Inside day play as discussed in Kathy Lein's Book "Day Trading and Swing Trading The Currency Markets"
Two inside days had formed on the chart. Bearish Harami is 1st inside day. 2nd confirms. Short bias as indicated by a tag of upper BB, stochastic moving down w signal line cross,
A sell stop order was entered 10 pips below the low of the most recent inside day low. A stop loss and reverse buy stop order was entered 10 pips above the most recent inside day high. The sell order triggered earlier today.
Per the strategy rules, Take profit set at 2x amount risked.
For a similar set up, but with less bias confirmation look at GBPAUD pair where you again have the two inside days formed.
Two inside days had formed on the chart. Bearish Harami is 1st inside day. 2nd confirms. Short bias as indicated by a tag of upper BB, stochastic moving down w signal line cross,
A sell stop order was entered 10 pips below the low of the most recent inside day low. A stop loss and reverse buy stop order was entered 10 pips above the most recent inside day high. The sell order triggered earlier today.
Per the strategy rules, Take profit set at 2x amount risked.
For a similar set up, but with less bias confirmation look at GBPAUD pair where you again have the two inside days formed.
Note
Closed 1/2 position for 221 pips profit, moved SL to 100 pips profit, and canceled TP. Since I am at my desk this morning, I will manually trail this one and then set a trailing stop when I leave.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.