botje11

GBPUSD fractal play

Short
FX:GBPUSD   British Pound / U.S. Dollar
Looks like a correctional move the past days. When looking back a bit, we can see similar moves the past months. So for me this is worth the risk. I will close around 30% at the first yellow circel, will close 40% around the target and i will let the other 30% run with a tight stop.


Previous analysis:
Comment: I am waiting a bit with the entry btw, i will post an update
Comment: I am getting in now
Comment: In hindsight, i should have been a bit more patient with this one, because i would have prob not ven get in to it otherwise. It broke the bear flag on the upside and usually it becomes a false breakout but not always. The yellow circle (support/bounce) was a first sign but a break of that red zone is normally a (small) buy signal, but it was already very close to the stop i had so i simply let it run.

I thought i had seen a pattern (the fractal), but it seems the normal TA would have been the better choice this time. Also because of that yellow highlighted daily candle on the right, made me choose for the bearish version.

Well, loosing trades is part of the game and will never go away, as long as we make an effort to learn from the bad trades so they become less as time passes.

Comments

To be honest I don't think the trade will go toward like you expect here, as the expectation of Brexit has been somehow settled, as you can see Theresa May lost but GBP rocket last week. I would expect GBP will more towards going up instead of heading down.
+2 Reply
botje11 creedyincredible
@creedyincredible, This one went up indeed so you were right about that one, but as you can see the eurgbp keeps on crashing. So the past days, it has nothing to do with GBP actually.
Reply
are there any updates towards this trade?
+2 Reply
botje11 creedyincredible
@creedyincredible, Sorry, will try to update more next time, been busy lately
Reply
Sure, no worries.
It's just that I saw the bear flag channel has been breached so I stoploss quick and went long.
But yeah, after been bearish for such a long time for GBP, I think it will be slightly more bullish than we thought.
+1 Reply
Thanks for these FOREX trades! Interesting to see your view about these
Reply
@W4DL, Your welcome, unfortunately this one did not work out
Reply
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