growthbank

[GBPJPY Backtest] Sell idea

Short
FX:GBPJPY   British Pound / Japanese Yen
This was honestly just a bad counter trend idea, because all of the confluences are pointing towards a continuation of the buy trend. On the higher timeframes we were in a major bullish movement. On the lower timeframes we were in the process of breaking out of a retracement zone and preparing for a bullish breakout. I made the classic traders mistake of seeing the pair in a resistance zone on the H1 and assumed that it was going to continue to retest the retracement point. However based on our observations, we have concluded that the market is going to test the point twice before it makes it's move towards a breakout according to the H4. I made the same trade at the same sorry ass zone multiple times and ended up throwing away 10% of my account, to a set up that was doomed.

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