GBP/USD - 22/02/2021

FX:GBPUSD   British Pound / U.S. Dollar
(H1) - Break and retest on the hourly timeframe price pushed nicely into the key level and rejected with a wick.

(M30) - Nice double wick rejection at the key level, missed the initial entry so I entered a buy limit to catch a wick entry and luckily I was triggered in.

I like to limit orders to get ahead of indecision candles to catch potential bursts in momentum and I also use them whenever my ideal entry exceeds my maximum stop loss of 20 pips. Another use for them is provided in todays trade. If I miss a trade for whatever reason then I set a limit order at the original price I would have entered and wait to be triggered in. if I do, great! If I don't I simply move onto the next trade.

Hope you all have a fantastic day and a great start to your trading week!