GBPUSD - Short term long

FX:GBPUSD   British Pound / U.S. Dollar
285 7 3
Bullish flag with a confirmation of a bullish engulfing/piercing line candle formation
Game over!!! Now onto cracking EURGBP
Trade is at BE now after entering at 1.59896.
pmks1 justatrader
i was stopped out even i gave it 3 pips ekstra :( ... what did i do wrong ?
pmks1 pmks1
aha, i see you re-entered ?
Yep I re-entered after I got stopped out. It was a classic stop hunt, knowing very well that many stop orders are placed at/near that level, which was also a nice bullish signal pattern. it happens every now and then especially on intra day charts of 60m and lower. When I usually trade 60m charts, first trade is always micro lot. Original plan was to add to position after resistance at the top of flag at 1.6016 would be tested for support. But instead got stopped out at the bottom end, so entered with 0.05 lots to make up for the losses closing in half the position at 1.6016 and moving to BE to let the rest of the trade ride out risk free.
Stop hunting at its best!!! Long again.
+1 Reply
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