FX:GBPUSD   British Pound/U.S. Dollar
171 11 4
GU short
DJC
a year ago
why? :)
Reply
Gekko.uk DJC
a year ago
Look at the price action of the candles. Bulls haven't established themselves for a bounce
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DJC Gekko.uk
a year ago
I see, but is that your only reason for that trade? 80 pip SL? 0_o
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Gekko.uk DJC
a year ago
PA never lies
+1 Reply
DJC Gekko.uk
a year ago
There is a huge amount of Large Spec buying on the previous grind down starting 23rd Sept. Right now I see we are sat on key levels with plenty of liquidity above us ready to swept by the fast and rapid decent during mid to end of September. I would be looking for a highly volatile month ahead of us, as October is Seasonally very volatile (36 year, 5yr, 10yr, 15yr etc). We do have larger significant levels below us like 1.50, which also sit on key fib levels. But I could not make your trade on Candle action alone for the trade you've chosen for such low RRR, 1.76. Anyway, good luck. I'll be waiting until Monday morning to see where price action takes us.

GL
+1 Reply
Gekko.uk DJC
a year ago
You're overcomplicating it
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DJC Gekko.uk
a year ago
Well good luck with your trading on candle price action. If that's really your complete strategy.
+1 Reply
DJC DJC
a year ago
You must be either risking a lot % capital per trade or trading very small for 80 pip SL. Either way I increase my probability and find OTE optimal trade entries for 30 pip SL and RRR of 8 or more.
+1 Reply
DJC DJC
a year ago
ps. we are taught that huge wicks above candles is a sign of bearish price action, but if there is great sell pressure on the candle wick then someone is buying (i.e. Commercial). I work against the basic everyone is taught with price action on candles and it serves me very well. You should consider that if there is a Price Action showing selling, someone is doing a great deal of buying in a clever fashion. Just my 2 cents.
+1 Reply
jakeparkin
a year ago
Agree with this!
+1 Reply
DJC
a year ago
Just wanted to revisit this to give constructive input bud. The Wicks on the upside show major buying... which can be clearly seen here now I hope.

Peace.
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