FibMaster FOREX update GBP/USD, GBP/JPY

[FibMaster]

Feel free to post your charts and comments on my latest (Feb 18) chart update. You haven't seen it yet? Go here;
http://www.fibmarkets.com/members.html

[FibMaster]

Attached is a 5 minute chart.

I'm watching for a down-turn at any of the two blue horizontal lines for a short trade, scalp initially with possible loading up of shorts on subsequent 5-minute rallies (if the down-move continues).

[FibMaster]

OK, a couple of minutes ago, snapped this latest chart. The trade did not work out exactly as intended, but still profitable.

Yes, all trades are not easy, and all trades are not winners. This series of trades has a mixture of bigger winners, smaller winners, and a few smaller losers too. Overall, it was not what I expected, but still a winner.

As in this case, trade your plan to stay out of trouble, and bank those pips!

See chart attached.

OK here is the question. Why was I cautious, why did I opt to exit on 5 minute cross up instead of being greedy to the downside? This market could still move down, but why would I rather bank those winners and let the market settle?

[FibMaster]

OK here is the question. Why was I cautious, why did I opt to exit on 5 minute cross up instead of being greedy to the downside? This market could still move down, but why would I rather bank those winners and let the market settle?

A good exit or what? Updated chart attached.

[ownshook]

A good exit or what? Updated chart attached.
Very nice run down after that double top. Even with the high spread of that pair, it looks like it was an ok profit.

Clearly not greedy to the downside due to the looming support levels close below. After the nice lower highs and lows...interesting to see the sideways action happen close after you closed out. Some very nice tight trading there.

Would you say the success of that trade was find the sk with the help of an extension + the clear double top at that level + taking the triggers when fired?

[FibMaster]

Very nice run down after that double top. Even with the high spread of that pair, it looks like it was an ok profit.

Clearly not greedy to the downside due to the looming support levels close below. After the nice lower highs and lows...interesting to see the sideways action happen close after you closed out. Some very nice tight trading there.

Would you say the success of that trade was find the sk with the help of an extension + the clear double top at that level + taking the triggers when fired?

Yes, those are very important aspect to take into account. Whenever the price action is establishing a pattern, we should pay attention. We adapt our trading stance based on the chart behaviour.