500+ pips Trading GBP/USD using Candlestick patterns and Support and Resistance

We have already achieved our target of 500 pips for the month of March 2009 today. Friday the British lowered the interest rate by half a point on GBP and today the markets reacted further. The candlestick patterns are still trading within the channel and the upper channel continued to act as a resistance level.
I have put a limit at 1.3550 and would capture approx 950 pips on a single trade.
Accordingly trading the Fibonacci, Candlestick patterns and support and resistance with just a total of 7 trades between Feb and March we have made over a 1000 pips.
I have once again demonstrated under live market conditions that with proper education and analysis one does not need to scalp and can still consistently manage to profit from Forex.
Watch the video below to see the live market conditions.

Also remember that these are based on current market conditions unlike most educators who show you how the markets would have moved and how one could have made profits. I am putting myself on a limb when I do my analysis on live markets as I do not really know where the markets will go as I do not get the benefit of hindsight. It is always easy to show what could have been done vs. what should be be done specially when the candlestick formations are still not complete.




Good luck trading.

Trading the GBP/USD - Candlestick Patterns

The GBP/USD trade placed by me last week is now 422 pips in the plus. The stock market has moved 300 points in the negative while we have moved 300+ pips in the positive.
The channel on the candlestick patterns have held true after the initial spike. The markets since reversed and the GBP/USD is back within the channel. I have moved my stop to the opening price of 1.4490 and hence I am now at a no loss position.
I have also placed a limit at 1.3550 and accordingly aiming for a profit of 940 pips on this single trade.

On other currencies we have had a breakout on the USD/CAD, and NZD/USD. I think there will be a slight retracement and we will have a chance to place a trade again.

I am also placing a short order today for AUD/USD as follows:
short entry: 0.6285
stop: 0.6485
Limit: 0.6100

I am also placing a short on the USD/JPY as follows:
Short entry: 96.93
Stop: 98.43
Limit: 95.43

If the above two orders do not execute by morning, I will cancel them.

It is rather a sad day to see our polictical parties politicize the economic recovery that USA needs. Instead of focusing on the long term including 1, 3, 5, 10 year plans they are instead just carrying on with their partisan bickering as usual.
I sure hope we will at some point work together as Americans, set aside our differences and work as one people towards common goals in a moderate manner. Both parties need to come to the middle.

Good luck with trading ...