GBPUSD
Updated
this trade comes under break and retest but on the weekly frame.
Look at the weekly candle. it is new and fresh, so what is likely to happen? it will likely retrace right?
my view is that we are going to retrace to this weekly support zone , and if we get our confirmations for buys i will take a buy with a 20-25pip stoploss.
PLAN:
wait for retest
Wait for key candle
Execute buys
will be awake at 6am to check this. i might not even take the trade as gbp pairs are retracing. but we will see how price behaves around 5-6am goodnight
Look at the weekly candle. it is new and fresh, so what is likely to happen? it will likely retrace right?
my view is that we are going to retrace to this weekly support zone , and if we get our confirmations for buys i will take a buy with a 20-25pip stoploss.
PLAN:
wait for retest
Wait for key candle
Execute buys
will be awake at 6am to check this. i might not even take the trade as gbp pairs are retracing. but we will see how price behaves around 5-6am goodnight
Order cancelled
dropping down to the lower frame (1hr and 30min) can you spot the key candle? look on the 5th of march at 1pm on the hourly candle. you dont have to catch the whole move, but as we got confirmation that price was about to retrace, buys were still safe with a 20pip stoploss and 60pip reward.Note
The mistake I made here was I clearly countertrend traded, i didn’t have a better outlook on the market at the time. I should have checked what level price started moving back down from. My analysis should then have been bearish rather than bullish. (Not added to spreadshet as we spiked through our stoploss zone and then formed a key candle)
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