GBPAUD - Reaching Shark PRZ at 1.5930
Hey guys, watch GBPAUD, the shark pattern is about to complete at 1.5930.
Trade Execution
I will look for a bounce off the PRZ before considering whether to go long.
A good rejection can be a pin bar candlestick or a nice engulfing bullish candlestick reversal.
No reaction no trade.
SL will go be at 1.58, targeting 1.67 for a nice daily swing trade.
This trade will be invalidated if it does not bounce off the PRZ and closes strongly below the zone.
Trade Execution
I will look for a bounce off the PRZ before considering whether to go long.
A good rejection can be a pin bar candlestick or a nice engulfing bullish candlestick reversal.
No reaction no trade.
SL will go be at 1.58, targeting 1.67 for a nice daily swing trade.
This trade will be invalidated if it does not bounce off the PRZ and closes strongly below the zone.
Trade active:
Price hit PRZ and got out of rsi oversold.
Got in long at 1.5975.
SL set at 1.5910
Got in long at 1.5975.
SL set at 1.5910
Comment:
Got stopped out due to tight stop.
Reentered long again with sl at 1.5860.
Reentered long again with sl at 1.5860.
Comment:
My entry was not the lowest, but I got in 1.5960.
Comment:
Shifted sl to 1.6 to make this risk free.
Comment:
High impact Aussie news coming in on Tuesday.
I hope the SL at 1,6 survives and we are able to see GBPAUD react to the Aussie high impact news.
If we get lucky, it might finally breakout of this super long term consolidating triangle and get closer to my TP at 1.67.
Else, the worst case is that we could get stop out at +40 pips profit.
High impact Aussie news coming in on Tuesday.
I hope the SL at 1,6 survives and we are able to see GBPAUD react to the Aussie high impact news.
If we get lucky, it might finally breakout of this super long term consolidating triangle and get closer to my TP at 1.67.
Else, the worst case is that we could get stop out at +40 pips profit.
Comment:
Trailed out at +40 pips.
Will consider going long again after this bat pattern completes right around the same level I entered last week.
Will consider going long again after this bat pattern completes right around the same level I entered last week.
Comment:
Review of this GBPAUD setup
I am jotting my thoughts on this trade as I watch it fly more than 300 pips in my favor after I was trailed out with only 40 pips of profit.
This is how I learn, to put my heart and soul to review every of my action so that I can be better after every single trade.
Overall, this was what happened.
1. I waited 2 long months for a great setup to complete
2. I went in
3. I was in profit of about 200 pips
4. I protected my position to prevent losses
All these look like the right thing to do except #4.
Upon checking the charts, I see that my entry coincides with a bear trap setup that has likely killed many sellers.
I have to prepare myself for a possible retest of the daily support trendline which was exactly where it retraced to before it flew up over 300 pips. It was also a good looking inverse HNS pattern on hindsight.
I had a great R:R on this trade and all I needed to do was to stick with my SL and TP.
Will review my tradeplan and tell myself not to protect my position so early next time especially for daily setups like this where I am risking more than 100 pips to make 670 pips! Why protect when I barely made 1/3 of my intended profits?
Anyway, I learnt something and I am thankful for all these trading lessons.
For those of you guys interested to hear me talk about trading, do catch me at my webinar tomorrow at 9pm (UTC +8).
Review of this GBPAUD setup
I am jotting my thoughts on this trade as I watch it fly more than 300 pips in my favor after I was trailed out with only 40 pips of profit.
This is how I learn, to put my heart and soul to review every of my action so that I can be better after every single trade.
Overall, this was what happened.
1. I waited 2 long months for a great setup to complete
2. I went in
3. I was in profit of about 200 pips
4. I protected my position to prevent losses
All these look like the right thing to do except #4.
Upon checking the charts, I see that my entry coincides with a bear trap setup that has likely killed many sellers.
I have to prepare myself for a possible retest of the daily support trendline which was exactly where it retraced to before it flew up over 300 pips. It was also a good looking inverse HNS pattern on hindsight.
I had a great R:R on this trade and all I needed to do was to stick with my SL and TP.
Will review my tradeplan and tell myself not to protect my position so early next time especially for daily setups like this where I am risking more than 100 pips to make 670 pips! Why protect when I barely made 1/3 of my intended profits?
Anyway, I learnt something and I am thankful for all these trading lessons.
For those of you guys interested to hear me talk about trading, do catch me at my webinar tomorrow at 9pm (UTC +8).
GBPAUD is 150 pips away from PRZ, be patient, I really love the nice support coming in at this PRZ, see purple highlighted area.