CLOSED TRADE: GBPUSD: BUY@1.52200 Invalidated Bat+Count -59 pip

FX:GBPUSD   British Pound / U.S. Dollar
690 15 18
I am closing this trade now and taking a -59 pip loss even though it has not hit my actual stops. Why? The recent price action has invalidated the bat and also my wave count. So the reasons for this trade no longer exist. I will re-analyze this pair over the weekend to see what I think is going on. Till then, I am not trading this pair anymore today.
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see attached chart this is what happened. trend line was just a bump in the way, the big picture was intact. but of course now we know it, in hind sight. the market( or our mind) is always trying to deceive us. Keep up the good work! good luck on the next one! There will be more to come. ;)
Iou1melon Iou1melon
First of all thank you for sharing your trades. Elliot is very dificult to me but exciting.
Did you discard the trade because the 2 wave can not reach the origin of 1.? Best regards.
Exactly. I took the trade because my wave count suggested that the downtrend might be a wave 2 and that would mean the next wave up would be a
wave 3. If it had turned out right, then I would be catching a wave 3 at it's very beginning. But when prices broke past the low of what I had labeld as wave (1), it invalidated my wave count as wave 2's cannot go past the wave 1's. So price action told me that my wave count was not right. So nothing to do but get out.
+1 Reply
To add to this, we are currently at daily strong support...it cannot break this zone for now.
Respectful man! I love to see your work to confirm my trading idea. Keep working and making more and more pips.
Not at all worried, Its another trade, One goes and other comes, Market is always there, Thanks Once again Master
EverythingForex sam_thesupreme
yep. there will always be losing trades. Moving on......
+4 Reply
Yes, his trade really go opposite, however, i will still hold it. I believe to see 1.5353, the broken support retest...good luck
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