Daily shows a strong bearish engulfing candle after meeting with our weekly LH last night. This is a great trade because our timeframes higher timeframes are lined up (market eclipse) which means Weekly support what monthly is showing us. And Daily supports what weekly is showing us. And 4h supports what daily is showing us.
Reasons for entry:
Honestly speaking I am not proud of this entry at all. I entered at 1min engulfing, which was too early. I did not wait for the market to break structure and then enter.
Price was at 4h LH
Daily engulfing
Market eclipse
I took a loss on this trade, I could have prevented a bigger loss but was too busy writing this... lol.
BIG TIP:
wait for the market to break structure on 15min first. then await entry.
One thing i noticed about GBPs tho is that they move fast. By the time you have BOS on 15min, 1-5min have already moved 15-20pips from a great entry already.
I will be waiting till the market presents another opportunity for me to enter. Therefor i will keep this post up.
Have a great trading week!
Reasons for entry:
Honestly speaking I am not proud of this entry at all. I entered at 1min engulfing, which was too early. I did not wait for the market to break structure and then enter.
Price was at 4h LH
Daily engulfing
Market eclipse
I took a loss on this trade, I could have prevented a bigger loss but was too busy writing this... lol.
BIG TIP:
wait for the market to break structure on 15min first. then await entry.
One thing i noticed about GBPs tho is that they move fast. By the time you have BOS on 15min, 1-5min have already moved 15-20pips from a great entry already.
I will be waiting till the market presents another opportunity for me to enter. Therefor i will keep this post up.
Have a great trading week!
Trade active:
Re-entry at 1.92474. (missed 500 by that much. Was publishing the post) *face palm*
Trade closed manually:
15min did not support our trade idea. Closed +5pips