Bit late on the analysis on this trade - after forming that rising channel or rising wedge - we had some strong selling pressure, Remember during trading to always have your plans for both ways. However I still remain bullish on GBPUSD mostly due to brexit and other driving forces that being volume, strength of selling pressure. I think when GBP finally gets past the negative brexit news that we will see positive buying for these pairs.
I will also be watching this trade during the month and actively managing, banking my targets and pushing for extended targets, leaving enough breathing room but not having poor risk management - no point having a target with unrealistic levels. And minimizing risk as best we can remember no point losing potential profits if the signs are telling us to exit. We can always take another trade when the signals are there again.
If everything is in your favor why hold back hit it hard and cover yourself.
Managed to get 3 entries in this trade and holding the one short even though we had that big spike upwards the signs were not accurate of being strong buying pressure. And as we can see price keeps falling. Some may say it was a quick burst to hunt stops. It was right at the point of the Ireland Brexit border news event.
Again manage your trades take your chances when presented to you and stay calm always. Remember if the signals not there just wait it will come. Most important after the signal is your trigger to enter
As always enjoy and we will see where we go - can only ever go up down or sideways - manage risk and cut your losses.
I will also be watching this trade during the month and actively managing, banking my targets and pushing for extended targets, leaving enough breathing room but not having poor risk management - no point having a target with unrealistic levels. And minimizing risk as best we can remember no point losing potential profits if the signs are telling us to exit. We can always take another trade when the signals are there again.
If everything is in your favor why hold back hit it hard and cover yourself.
Managed to get 3 entries in this trade and holding the one short even though we had that big spike upwards the signs were not accurate of being strong buying pressure. And as we can see price keeps falling. Some may say it was a quick burst to hunt stops. It was right at the point of the Ireland Brexit border news event.
Again manage your trades take your chances when presented to you and stay calm always. Remember if the signals not there just wait it will come. Most important after the signal is your trigger to enter
As always enjoy and we will see where we go - can only ever go up down or sideways - manage risk and cut your losses.
Comment:
Closed out last position again another healthy sequence of trades here.
Comment:
Still trading as expected getting some targets locked in. Just trading the levels and watching price action. If we get to these blue lines we may see some added buying pressure. As always let price action tell us what its doing to help with entry and risk management.
Comment:
Recently published new 2 week outlook. Here we see a new trend channel. Market not running in equilibrium, which generally indicates it will turn to bullish soon, and present a buy opportunity. Look for the buy signal maybe fractal and indecision candle around these important technical levels. Again I cant really post up targets - I would look for a retest of the most recent high or possibly trail in this channel if it respects the trend. You can use ATR Daily for an estimated target level. Just focus on price action and act accordingly.
- My main focus is what price action is doing between now and Wednesday and then obviously the lead up to the 18th 19th October.