An insight into a Forex trader

So the end of the week is fast approaching and whilst I’m waiting for a trade I thought I’d get down what I’ve been trying to do for a few days regarding the indicator I’ve  been using with TUFXP.

TUFXP officially had a loss today but I didn’t take it for two reasons; UK news was due out in 20 mins and I didn’t fancy getting into a trade only to be whipsawed straight back out on the news, and secondly the indicator I’ve been using showed there wasn’t much room to the upside for a profitable trade.

Firstly here is a s/shot of a very important level shown by the indicator which I’ll call cam levels:

Through talking to Steve and doing some of my own research and watching how it performs, we agreed that ideally a TUFXP trade needs at least 25 pips between an entry and the cam level. Here is the TUFXP trade:

Entry was at 1.5185 which gives only 15 pips of room between entry and the cam level. Target was past the notorious 1.5200 for this week also. So how can you benefit from this tool? Wait for a pullback from entry and then enter to get your 20 pips. It would have worked perfectly on this trade and you’d of got the full 20 pips despite it not reaching the scalp target.

GBPUSD has done a repeat of the last 3 days where it tested 1.5200 and has been heavily rejected for the 3rd straight day, surely it’s only a matter of time before the pressure becomes too much and it crumbles hard to below 1.5000 and targets the June low.

Have a good weekend everyone, Graham has been in touch and should be making an appearance over the weekend hopefully.