Yep, breakout from that bottom Head and Shoulders formation. Seems like GBP/CAD is about to reverse the intraday down move...

Mr Breakout (Day) Trading Journal

Long GBP/CAD 1.6375, 30 pip stop. This mule does not want to go down, so be it.

Mr Breakout (Day) Trading Journal

So far this week, 37 pip loss.

Mr Breakout (Day) Trading Journal

Out at 1.6363, 10 pip loss. There is a bottom Head and Shoulders formation, not good...

Mr Breakout (Day) Trading Journal

Out at break-even.

Mr Breakout (Day) Trading Journal

Here is something I've noticed over the years: When the range of a currency pair is below 50 pips (from midnight to 8 AM EST) then this pair usually gives me a hard time. On the other hand pairs with 70 pip range or more are good candidates for ...

Mr Breakout (Day) Trading Journal

Short GBP/CAD 1.6353, 25 pip stop.

Mr Breakout (Day) Trading Journal

Short GBP/JPY 139.10, 30 pip stop.

Mr Breakout (Day) Trading Journal

Out at 1.6368, 15 pip loss.

Mr Breakout (Day) Trading Journal

Out at 120.48, 7 pip loss.

Mr Breakout (Day) Trading Journal

Long EUR/JPY 120.55, 25 pip stop.

Mr Breakout (Day) Trading Journal

Short GBP/CAD 1.6353, 25 pip stop.

Mr Breakout (Day) Trading Journal

Out at 1.6070, 30 pip loss. That's all right, you win some you lose some. So far this week: minus 5 pips, no big deal.

Mr Breakout (Day) Trading Journal

Long GBP/AUD 1.61, 35 pip stop.

Mr Breakout (Day) Trading Journal

Out at 1.3925, +35 pips.

Mr Breakout (Day) Trading Journal

I am still waiting for that extremely important Reserve Bank of Australia Rate Decision report due at 10.30 PM New York time (3:30 AM in London). In the meantime I am listening to the famous Eric Clapton & Steve Winwood concert live from the Madison ...

Mr Breakout (Day) Trading Journal

+25 pips, moving stop to break-even. Keep going down boy...

Mr Breakout (Day) Trading Journal

That's the most probable scenario, yes. Of course some die-hard bulls will keep buying and buying until they blow up your entire FX (or bank...) account, as the cable goes to parity and beyond...

Mr Breakout (Day) Trading Journal

Absolutely my friend. In fact the pound could go to 50 cents or even lower, who knows... And let's not forget that the cable reached a record low of 1.05 in February of 1985.

Mr Breakout (Day) Trading Journal

I truly believe that the best way to trade the cable right now is to use its crosses only: GBP/AUD, GBP/NZD, GBP/JPY, GBP/CAD and so forth. And yes, the Pound is history, next stop is 1.20 very soon, and then the Twilight Zone... Tululu tululu ...

Mr Breakout (Day) Trading Journal