Hey all!
Unfortunately, this new trade set-up won't come with the $100k Challenge label, as some of the previous ideas got stopped out in the challenge account due to spreads, and with the last two stop losses, we reached the 10% DD mark :(
However, that's trading! Some times you win, some times you lose!:D I'll continue to post the trade set-ups I'm taking on my personal account and take a new challenge later on!:)
In this case, we have a GBPUSD short 📉. When checking out the H4 chart, we see a support break, where the market tested a daily support area (white line) and then retraced to the now theoretical resistance area. Price action rejected the area quite strongly, which helped out fire the trade.
Also, when zooming out more in the H4 chart, we can see that there's definitely room for a bearish run, with potential to reach the lows we had in October 2023 around the 1.2000 mark.
When it comes to the H1 chart, we can see that the market is starting to reject the resistance, we haven't closed the current candle, but I decided to take the risk and execute the trade, as I'm positive we'll have a close below the low of the last bar.
Regarding risk and trade management, this is a standard trade, half of the trade targeting the nearest support area and half of the trade open in case the market goes past it:)
Remember to follow so you can stay up to date with the trade set-ups!:D
Until the next trade!:)
Unfortunately, this new trade set-up won't come with the $100k Challenge label, as some of the previous ideas got stopped out in the challenge account due to spreads, and with the last two stop losses, we reached the 10% DD mark :(
However, that's trading! Some times you win, some times you lose!:D I'll continue to post the trade set-ups I'm taking on my personal account and take a new challenge later on!:)
In this case, we have a GBPUSD short 📉. When checking out the H4 chart, we see a support break, where the market tested a daily support area (white line) and then retraced to the now theoretical resistance area. Price action rejected the area quite strongly, which helped out fire the trade.
Also, when zooming out more in the H4 chart, we can see that there's definitely room for a bearish run, with potential to reach the lows we had in October 2023 around the 1.2000 mark.
When it comes to the H1 chart, we can see that the market is starting to reject the resistance, we haven't closed the current candle, but I decided to take the risk and execute the trade, as I'm positive we'll have a close below the low of the last bar.
Regarding risk and trade management, this is a standard trade, half of the trade targeting the nearest support area and half of the trade open in case the market goes past it:)
Remember to follow so you can stay up to date with the trade set-ups!:D
Until the next trade!:)