We are approaching the daily resistance level on this pair, and we can see a push for a final upside prior to dropping.
We are seeing GBP weakness now on multiple pairs, and this should translate through to this pair shortly.
There are two possible entries/scenarios here:
1.) Early beak of ascending trendline that is marked on the chart. This is a break prior to full structure rejection, and therefore riskier. Keep SL the same, the ratio is still excellent.
2.) Sniper entry - this is likely to be the full rejection of structure, which would indicate a new bearish direction. Enter as a SELL STOP to catch the immediate rejection wick, with SL only just above. This will be an INSANE R:R! It is a trade that we may miss, and have to enter later, but when these sniper entries work, they are superb - it means you can enter a much larger lot size for the same stop loss cost.
A large part of trading is accepting and dealing with inherent risk. The market will always be there and we should never chase trades. If it goes our way, then great - if it doesn't, walk away and look for another excellent entry. Don't give your hard-earned money back to the market!
Like what you see here? Please like, follow, and subscribe. It makes a huge difference to the work I can provide for you.
Good luck, trade safe - and let's try and get a nice entry either this evening or early next week.
DrBear
We are seeing GBP weakness now on multiple pairs, and this should translate through to this pair shortly.
There are two possible entries/scenarios here:
1.) Early beak of ascending trendline that is marked on the chart. This is a break prior to full structure rejection, and therefore riskier. Keep SL the same, the ratio is still excellent.
2.) Sniper entry - this is likely to be the full rejection of structure, which would indicate a new bearish direction. Enter as a SELL STOP to catch the immediate rejection wick, with SL only just above. This will be an INSANE R:R! It is a trade that we may miss, and have to enter later, but when these sniper entries work, they are superb - it means you can enter a much larger lot size for the same stop loss cost.
A large part of trading is accepting and dealing with inherent risk. The market will always be there and we should never chase trades. If it goes our way, then great - if it doesn't, walk away and look for another excellent entry. Don't give your hard-earned money back to the market!
Like what you see here? Please like, follow, and subscribe. It makes a huge difference to the work I can provide for you.
Good luck, trade safe - and let's try and get a nice entry either this evening or early next week.
DrBear
Trade closed: stop reached:
A tiny loss - so we walk away. This is why I like high RR trades. Patience is your friend!
