Thanks for your comments, Yongsien. However, keep in mind that the expected breakout to the downside already took place and target has been reached, on the 4h and the daily time frame (see my previous charts).

Cable Update (GBPUSD)

I just realized that I did not properly use my new system this week, one of the most important parameters was incorrectly set, by mistake! No wonder I am getting these so-so results!! The problem has now been fixed and next week the system will ...

Mr Breakout (Day) Trading Journal

@asgcorp, Now as to your supposed bull flag on the cable ("GU daily is a bull flag setup"), where on earth do you see such - imaginary - formation (see chart below)? And I am the one smoking crack?!? Whatever.

Cable Update (GBPUSD)

Short GBP/CAD at 1.6682, 35 pip stop.

Mr Breakout (Day) Trading Journal

And yet, just as I predicted, almost to the pip (see my previous posts), there was a breakout to a downside from an obvious Head and Shoulders pattern and the cable made a 300 pip down move, the exact target for this type of chart formation.

Cable Update (GBPUSD)

And indeed it did happen that way: 1.7700 (1.7698 to be exact) was touched around 4 AM New York time and THEN GBP/NZD moved at least 55 pips to the upside (more than 100 pips actually).

Mr Breakout (Day) Trading Journal

Again watch the price action guys/gals, the GBP/NZD is going to touch 1.77 and THEN (around 3 AM or so EST) it will go up at least 55 pips (85 pip profit as far as I am concerned)...

Mr Breakout (Day) Trading Journal

Short GBP/NZD 1.7725, 25 pip stop.

Mr Breakout (Day) Trading Journal

Out at same price. GBP/NZD is going to touch 1.7700 before going up (it's an old trick), watch...

Mr Breakout (Day) Trading Journal

Now of course the market makers love to play games with my own positions, but that's another story Just kidding.

Mr Breakout (Day) Trading Journal

Target for that long GBP/NZD position is 30 pips. As you probably know, when a currency pair reverses the intraday trend and breaks the high/low of the day (in this case the high at 1.7755) it usually pullbacks, almost immediately or a few minutes ...

Mr Breakout (Day) Trading Journal

Long GBP/NZD 1.7725, 35 pip stop.

Mr Breakout (Day) Trading Journal

So far this week, a small 38 pip loss.

Mr Breakout (Day) Trading Journal

Closing EUR/NZD position at 1.5320 (18 pip loss) to avoid spread spike at 5PM EST.

Mr Breakout (Day) Trading Journal

Short EUR/NZD 1.5302, 35 pip stop.

Mr Breakout (Day) Trading Journal

Stopped out by the spread on both NZD positions. Waiting for re-entry.

Mr Breakout (Day) Trading Journal

Short EUR/NZD 1.5310, 35 pip stop.

Mr Breakout (Day) Trading Journal

Short GBP/NZD 1.7670, 35 pip stop.

Mr Breakout (Day) Trading Journal

Out at same price.

Mr Breakout (Day) Trading Journal

Short EUR/NZD 1.5350, 35 pip stop.

Mr Breakout (Day) Trading Journal