Potential divergence created. A previous intraday low was broken and the current high which was broken as well. A bit risky of a setup to be honest but it follows what i like to look for We have GBP news coming up Friday. GBP mortgage rater were higher but the housing price index MoM and YoY were lower with the AUD business confidence coming in higher than forecast and previous. Maybe we get a small pullback before further the GBP red folder reports that are to come this Friday? The short position is set for a 40% retracement target but it could go lower of course possibly reaching previous low or surpassing it. Just want to play it safe.
Comment:
Can't lie I got stopped out but re entered. The stop loss was a bit too tight for the pair's ATR.
Comment:
This was my first attempt at this trade where it hit a stop loss. Just for record. Didn't have enough confirmation and rushed my entry plan.
This was my first attempt at this trade where it hit a stop loss. Just for record. Didn't have enough confirmation and rushed my entry plan.
Comment:
This was a second attempt before the final attempt that I'm holding now. Thing is, I had my stop loss tight even though this is a high volatile pair and I also lost this in the midst of trying to revenge trade as well. Sometimes you simply lose trades and this was that. However, I still wasn't patient enough for what i look for.
This was a second attempt before the final attempt that I'm holding now. Thing is, I had my stop loss tight even though this is a high volatile pair and I also lost this in the midst of trying to revenge trade as well. Sometimes you simply lose trades and this was that. However, I still wasn't patient enough for what i look for.
Trade active:
This was the most recent attempt, one thing i noticed was that I didn't wait for a break in structure on the lower timeframes. If you look at the white dots, price broke an area where price was trading sideways and Im sure that on a lower timeframe this was a break in structure. Price retested the new high was made and I entered when I saw a candle that i liked. This is just for my notes. I took a partial profit @ 25% retracement of the previous support level on this timeframe and will let the rest of the trade play itself out.
This was the most recent attempt, one thing i noticed was that I didn't wait for a break in structure on the lower timeframes. If you look at the white dots, price broke an area where price was trading sideways and Im sure that on a lower timeframe this was a break in structure. Price retested the new high was made and I entered when I saw a candle that i liked. This is just for my notes. I took a partial profit @ 25% retracement of the previous support level on this timeframe and will let the rest of the trade play itself out.
Comment:
..oh and i also used a wider stop loss this time
Trade closed: target reached:
Trade closed. Will assess this trade and see how it worked and how we could've done better for next time.
Trade closed. Will assess this trade and see how it worked and how we could've done better for next time.
Comment:
I just checked. It didnt hit the full target level yet when looking at the original post my bad. However, I like where price is at and wanted to close to play it safe.