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GBP/USD Prop Traders

Posted on Jun 11th, 2015

by colibritrader

Dear Prop Traders

Yesterday’s signal has not been triggered and although DAX went up around 200 points, it started retracing after the IMF news hit the wires. The daily candle looks like a bullish rejection and I start feeling a bit more hesitant for this trade to say the least. That is why I have removed my positions at the moment. I might re-consider placing some more standing orders or place a market order in the days to come. For now, I prefer to stay away. One of the most important things is to stay away from the market once you are not sure. Like a doji candle- showing hesitance is my current state right now regarding DAX.

On the other side, I am looking at the GBP/USD pair. The prop traders that I work with have been taking long positions today. What I am seeing is a pin bar that has formed after a previous pin bar. This is indicating more bullish momentum. I will be looking to enter in a long trade at around 1.5500. My stop would be placed just under 1.5400. The target for tis trade is 1.5800.

Happy Trading,

Colibri Trader

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