FX:GBPUSD   British Pound / U.S. Dollar
I do not usually trade C-D legs on patterns, however i made an exception with this one and got in just below C, where, at that point i predetermine a D point of my Zig zag based on supports below, and entered. Surprisingly, everything went according to my crazy plan (off by about 5 pips). my stops are now at break even, so i'll wait until i get to D of my pattern and close, then await signal to buy. i don't believe in always using orders, in some instances they are necessary, but i prefer my analysis go to the final candle before i enter to maximize accuracy. the most important thing is that one preserves capital, then profits can come after. i reckoned price will bounce a bit higher before hitting my target but if it do not bounce it's much better for me (that's one more time i'd be happy to be wrong:) Not much pips to gain, but if i get both moves it's about 50 pips in total which is not bad for a slow day. Determine your own stop loss, i like to use a tight stop loss to maximize profit but in the case that it doesn't work, it will be a bigger loss for you prob than for me. I have management rules that limits my loss, and what may work for me might not work for you, so i won't put any stop loss ration on this one.
My target is a bit flexible so it is not fixed, i'm expecting price to go higher eventually to fulfill Elliott wave 5, so if price moves sideways for a while i will push my expected target high (not my take profit, rather, i'd monitor candles for reversal). if price is impulsive then i'd set a take profit. However price looks like it will trend sideways a bit. lets watch and see.
The Reason to always stick to your plan regardless of what others may say, my rule states that i should not set limit orders, and i broke it and place a limit order. i log off my computer for the night confident that my target will be achieved which it did, but the market push over 100 pips downwards. so here is a lesson for me. usually i would wait for a confirming reversal candle before i close out any position and i didn't. so Goal for the future, Always stick to your plan. price went way below what i expected, but i still managed to secure some pips. making myself available now for my next trade, when she finds me i will post.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out