Another great day on the cable with a successful short executed during the early hours of the London session today. I don't want my description to be an essay so I have summarised my logic on this trade below.
- The Interbank Price Delivery Algorithm (IPDA) opened bullish this morning indicating that we should be looking for bearish setups in London open.
- I expected price to take out Asian highs and looked for an entry at the 15M order block just above this wick high and set my stop loss above the interim high at 1.15330.
- Entry was executed and profit level was set at the monthly low, considering how close price was to it, I anticipated price taking out this price level.
- We let this trade run and profit was hit during the London Killzone timeframe.
We were rewarded with a 1:10rr trade at +100 pips, could this be the turning point for the cable or can we expect further bearish movement considering the fundamentals due to release this month?
I hope this end of trade analysis helps you visualise on how keeping things simple can results in good intraday setups.
- The Interbank Price Delivery Algorithm (IPDA) opened bullish this morning indicating that we should be looking for bearish setups in London open.
- I expected price to take out Asian highs and looked for an entry at the 15M order block just above this wick high and set my stop loss above the interim high at 1.15330.
- Entry was executed and profit level was set at the monthly low, considering how close price was to it, I anticipated price taking out this price level.
- We let this trade run and profit was hit during the London Killzone timeframe.
We were rewarded with a 1:10rr trade at +100 pips, could this be the turning point for the cable or can we expect further bearish movement considering the fundamentals due to release this month?
I hope this end of trade analysis helps you visualise on how keeping things simple can results in good intraday setups.