- Using this as a tool to monitor my currently live trade, long on GBPUSD. Entry at 1.31518
- Take Profit for this trade has been set at the next monthly price level, 1.32488.
- Partial profit will be considered at a price of 1.32000.
- Stop Loss is set at 1.31084
Trade closed: stop reached:
Partial profits achieved, stop loss was moved to break even after trade went into profit. Stop Loss reached.
On higher time frames, price is in a down trend.
This is a good time to look for Shorts. Trading with the trend, and not trying to catch a counter trend trade on the lower time frames.
If trading a counter trend, it is never a bad idea to lock in profits regardless of what your goals are. After trades are up in profit, moving stop loss to break even can avoid future losses if your bias on the trade is inaccurate.
On higher time frames, price is in a down trend.
This is a good time to look for Shorts. Trading with the trend, and not trying to catch a counter trend trade on the lower time frames.
If trading a counter trend, it is never a bad idea to lock in profits regardless of what your goals are. After trades are up in profit, moving stop loss to break even can avoid future losses if your bias on the trade is inaccurate.
Trade closed: stop reached:
Price was clearly in a strong area of resistance, the risk on this trade was more than we needed for a long entry. In hindsight a short in the supply zone would have been a more profitable and less risky trade, market sentiment was also bearish during this time.