I posted last week about my setup to short for EURGBP and here's the link:
I have actually taken these setups and I got one loss with tight SL and my entry was at 0.89104 level.
I wasn't able to monitor the second setup were the price has just touched up almost exactly at that level.
I cant remember how many times I have encountered these kind of price actions. Pretty scary right? when we see something coming so fast and likely strong movement for a one candlestick then we change our bias analysis in a sudden just because we just saw something scary and strong moving against us and thus we forgot the BIG PICTURE -The overall Trend.
I took the trade using lower time frame at 0.89345 level or SELL 1. The price actions in higher timeframe is always the same in lower timeframe.
When you see a big candle in daily timeframe, there is always a pullback inside of that higher timeframe candle and that pullback is what we are looking for.
When the price move along with my analysis, i manage my SL to breakeven and took the second position SELL 2 with my usual SL this is just to make sure that I am not overexposing my risk in the market.
Then somehow price showed resilience marked at point (C) and I took the profit at 0.88828 level for my position SELL 2 and again added new SELL 3 position at 0.88911 level. Unfortunately I wasn't able to scale-in more position because I haven't seen clear level to add short.
As the price falling, I secured my profit along with my trailing stops (TS1 & TS2) and when the price reached to 0.87568 level I closed my positions.
I believe that bulls will somehow execute the buy at that level or nearest so I closed the trade.
I hope you will learn something with this simple trade.
Caveat.
-----------------------------------------
Please hit the thumbs up icon if you like this stuff.
Cheers :3
I have actually taken these setups and I got one loss with tight SL and my entry was at 0.89104 level.
I wasn't able to monitor the second setup were the price has just touched up almost exactly at that level.
I cant remember how many times I have encountered these kind of price actions. Pretty scary right? when we see something coming so fast and likely strong movement for a one candlestick then we change our bias analysis in a sudden just because we just saw something scary and strong moving against us and thus we forgot the BIG PICTURE -The overall Trend.
I took the trade using lower time frame at 0.89345 level or SELL 1. The price actions in higher timeframe is always the same in lower timeframe.
When you see a big candle in daily timeframe, there is always a pullback inside of that higher timeframe candle and that pullback is what we are looking for.
When the price move along with my analysis, i manage my SL to breakeven and took the second position SELL 2 with my usual SL this is just to make sure that I am not overexposing my risk in the market.
Then somehow price showed resilience marked at point (C) and I took the profit at 0.88828 level for my position SELL 2 and again added new SELL 3 position at 0.88911 level. Unfortunately I wasn't able to scale-in more position because I haven't seen clear level to add short.
As the price falling, I secured my profit along with my trailing stops (TS1 & TS2) and when the price reached to 0.87568 level I closed my positions.
I believe that bulls will somehow execute the buy at that level or nearest so I closed the trade.
I hope you will learn something with this simple trade.
Caveat.
-----------------------------------------
Please hit the thumbs up icon if you like this stuff.
Cheers :3