GBPUSD Take Profit HIT!
Updated
I entered this trade last Thursday.
As with my other trade ideas that I've shared on this profile, I used levels of structure to support my trade. This trade eventually went all the way down and hit my TP, which is very nice.
This was a 3% trade.
As with my other trade ideas that I've shared on this profile, I used levels of structure to support my trade. This trade eventually went all the way down and hit my TP, which is very nice.
This was a 3% trade.
Note
Additionally, on April 13, there was a strong bullish move to the 1.31518 level. I would describe this move as out of the oridnary. It sort of came out of nowhere, so I assume that there was some news related to USD or GBP. Either way, there was a lot of price movement for the time this happened, which was around market close on the Wednesday night. So going forward, I anticipated that if price continued reacting to that level of resistance, that it would eventually correct itself and come back down.
So I entered a Sell Stop for 1.31191 level as this was below the wicks of the 9 previous candles before the one that hit my entry.
These 9 candles represented 9 hours of price struggling to make a new high and continue with the bullish movement. A move to the downside was never guaranteed, but it was always likely.
Anything can happen in trading, you won't be right 100% of the time. All outcomes are random.
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