First demo trade!!! Feedback is highly appreciated
GBP/NZD 4/12/20
I decided to buy because of the upward trend although there is resistance. It is broken on mar 9, mar 19 and apr 3.
March 31st- April 3rd broke the resistance for 6 days.
(Is this time frame a supply zone and if so does this mean the trade is most likely going to go down? Does this mean I shouldn't have opened the trade because I'm a bit unsure and anxious?)
Bulls have strong control over the market from Apr 3- Apr 9 until there are 2 green candles, I used the hammer as a confirmation to enter the trade.
My risk reward ratio is 3:1 and my stop loss is at the bottom of the hammer candle. My take profit is relatively at the broken level of resistance, or 0.01658 points.
I believe the market will begin to decline around april 24th after i hopefully close a positive trade.
GBP/NZD 4/12/20
I decided to buy because of the upward trend although there is resistance. It is broken on mar 9, mar 19 and apr 3.
March 31st- April 3rd broke the resistance for 6 days.
(Is this time frame a supply zone and if so does this mean the trade is most likely going to go down? Does this mean I shouldn't have opened the trade because I'm a bit unsure and anxious?)
Bulls have strong control over the market from Apr 3- Apr 9 until there are 2 green candles, I used the hammer as a confirmation to enter the trade.
My risk reward ratio is 3:1 and my stop loss is at the bottom of the hammer candle. My take profit is relatively at the broken level of resistance, or 0.01658 points.
I believe the market will begin to decline around april 24th after i hopefully close a positive trade.