FX:GBPUSD   Pound Sterling/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.
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