Forex Trading on GBP/USD Feb 8

What a good day to do forex trading! I just woke up this morning and quickly checked the forex charts. I know many people will tell you that you should not trade on mondays because a lot of noise going on. But I’m still a new forex trader and just want to learn some experience. Hopefully, the trade I’m gonna show you will be profitable and we learn from each other.

Here is the graph of the chart at GBP/USD pair Feb 8:

GBP/USD Forex Trading Feb 8

I’m expecting a bullish reversal up to later this day but not too much. Probably check it once in a while. I bought 3 lots of it. Why did I chose buy instead of sell? Because there is a fight in the price with is shown by the large pin bar. So I’ll expect it to go up. Not much though but I’ll post the results later tonight.

Update on GBP USD Trade:
Good night guys. I’m about to sleep and just to check my forex trade in the GBPUSD pair. Here is the chart now.

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looking good. Hope to continue the upward movement and so I’ll stay in the current trade. My profit so far is:

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46.3 Pips or $1,389.00 Profit. Looking good indeed!

Update: Feb 9

Morning once again. At this point, I’m at -18.0 pips.picture-12

And a new candle stick is forming. Based from yesterday’s chart, its not much of a difference and I’ll interpret it as something that the buyers and sellers are just equal. There will be a trend forming in the next or so candle stick and I’m expecting it to go up. If not, I’ll just exit the trade if I get below my stop loss of -50 pips.

Update Feb 9 11pm Philippines Time

Decided to close the trade.

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Its a profitable trade with 41.6 pips and $1248.54 profit.

  • Xef

    Hi! Congrats for those winning trades! I’m also new in forex trading. And I was hoping if you could tell me the online broker you are using. I’m in the Philippines and was wondering about the best way for me to do if I want to do live trading while I’m here. I do not have any foreign bank accounts, and would like to know how you withdraw your profits. Thank you in advance and I wish you more pips! :)

  • Jeff

    This trade was done in cmsforex. But I switched to oanda a few weeks ago.

  • Jane

    Hi there! Glad to finally read a reliable blog on forex. I would like to learn how to trade in forex, can you recommend a good mentor, book or company? Perhaps the one you learned from? Thanks and more profitable trading to you!

  • Jeff

    @Jane

    Thanks. If you’re a beginner, I highly recommend going through the babypips.com school of pipsology. :)

    I’m reading quite a few book right now and I can tell from experience that you will go back a few times at babypips.com because of advanced terms and teachings on most forex books. I recommend getting to know every basic stuff first before buying books or taking mentors. Also, don’t forget to demo trade first at least 8 months.

  • http://facebook.com/bancale Optimalist

    Oanda! haha I’ve been using their site for the longest time just to convert, I never realized it was a trading site.

    What’s the basis of the 8 month demo trading? I just started today. :/

  • Jeff

    To get the feel of the market and test your trading system. You should have a plan right now and test that using a demo account.

  • Oliver

    Hi, where do you do your online forex trading?..thanks