My Short-lasting GBP/USD Trade

As a mini trader, I always look for small profits and short-term trades. Luckily, I got both of them in a trade today. I was following the GBP/USD pair in my UFXMarkets account, which has been down for the whole day. Therefore, I looked for short positions to make some quick pips. When I saw the first MA cross-over, I checked out the RSI, it was less than 50. Stochastic was showing string downtrend too. All of the indicators were indicating a possible short trade and I executed the trade accordingly.

My entry price was 1.5531 with a stop at 1.5547, which was the last swing high. As I do not want anything big from the trade, I set my profit target at 1.5500. About two hours later, my target was hit, providing me with 31 pips. Another incident of MA cross-over happened later today. Both RSI and MACD were supporting a potential short trade, but stochastic was growing up. Therefore, I refrained from that trade and later, thanked myself for the decision as the pair moved directly upwards an hour later.

For the rest of the day, I did not find any other trading opportunity for the pair. Nonetheless, that is not bad because I do not anything big overnight. I want to increase my experience and build confidence with these small steps. I am quite happy that my trades are acting according to my plan and gradually, I am getting used to the market condition.