Stick to the plan - 1/3

FX:GBPUSD   British Pound/U.S. Dollar
60 2 2
First thing on my radar for today is this Bullish Cypher on the H4 which just completed.

However because of the stop size, I have to wait price keeps on pushing down to 1,2880 area where I have my orders.

Will be following this pattern closely as my orders will have to be cancelled if price hits would-be targets before I get filled.
Trade active: As I had to let price action come to me (stop was way too big for my rules at the D completion point), I had to check it out closely if it would hit would-be target after completion.
But price has been continuing its push down and been filled my order for a potential great risk to reward ratio if price hit targets (1:2,5).

Now let's wait and see !
Comment: Price is consolidating about 50 pips from my target, waiting for today's news on GBP.
Stopped trailed based on H1 price movement ahead of the news release.

Now let's wait and see if target will get hit or not ! (hoping for it to bank 216 pips on target instead of 14 on trailed stop)
Trade closed: target reached: After price did consolidate about 50 pips from target for a while, the release of FOMC minutes last night gave me hope it would hit target, but it did not (testing a bit more my patience and discipline).

But great GBP data's release a few minutes ago (Retail Sales) gave GBP the needed bullish momentum to hit my target and let me bank 216 pips on this trade !
well played man!
+1 Reply
journeyofarookie2.0 johan.larsson
Tks, it was a painful one : first had to wait for price to come to me because of stop size ... and then played with my patience and discipline for 8 consecutive candles (makes it 24 hours ... ) ... that's the kind of trade that really make you !
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