Apologies everyone, I forgot to publish this trade earlier this morning, been really busy doing some web development updates for our website. However I have just come back to see a nice risk free trade secured for the day. Will have to see how price reacts around the current high.
(H1) - Break & Retest - Bullish trend.
(M30) - Double bottom, wick rejection,...
Just a little update on this mornings analysis I closed out 50% of my position around 1:1 ahead of US data at 13:30 and rolled my stops to breakeven. We managed to survive with little to no reaction which is always fun and now we are approaching 1:2.
Another double bottom being traded on GBPUSD. Good wick rejections around this key level. I am a bit concerned about USD data coming at 13:30 (UK) so hopefully we can manage this trade to breakeven before that time comes.
Yesterdays analysis played out as expected however, I failed to be triggered into the trade. To be a good and consistent trader you must remain 100% transparent in your approach. It's easy to let emotions slip when trades are missed or when losses happen. We need to remember we play a game of probabilities and percentages.
Was my analysis correct? Yes, it...
Sell Limit has been set for the resistance hold. Levels have been provided.
If you are going to use this analysis to put your own funds on be sure to use proper risk management and tailor it to your own trading plan. Do not risk more than normal as I could still be wrong.