GBPUSD - Reverse from Short to Long
So went short on this @ 1.31156 and 1.31232. Market orders so didn't get exact entry.
Original Trade Idea was to short at t-2 from month-end and quarter-end close, where very common to see USD strength. Was also in direction of major trend.
So I closed this GBPUSD short out, and reversed long, especially as I just read AM/FX saying that normal USD flows may not have occured yesterday (t-2 to month end).
This trade actually looked ok until I read the AM/FX article.
Probably counter trend and have taken this trade in end of asia session, i.e before candle close.
Stop probably more vulerable as well, but liked the reversal idea.
Very rare I am able to reverse trade idea, so far was right direction but didn't hit my 1st TP1, going to hold over night to see daily close.
Original Trade Idea was to short at t-2 from month-end and quarter-end close, where very common to see USD strength. Was also in direction of major trend.
So I closed this GBPUSD short out, and reversed long, especially as I just read AM/FX saying that normal USD flows may not have occured yesterday (t-2 to month end).
This trade actually looked ok until I read the AM/FX article.
Probably counter trend and have taken this trade in end of asia session, i.e before candle close.
Stop probably more vulerable as well, but liked the reversal idea.
Very rare I am able to reverse trade idea, so far was right direction but didn't hit my 1st TP1, going to hold over night to see daily close.
Trade active:
Not really moved far, but a level of support at 1.3050 where SL is. Didn't retest lower, despite the USD strength.
From a technical perspective needs to clear and close above by TP1 @ 1.3219.
1.5 x ATR is show on 1.2967, which is probably a better stop, but I have been taken out of a few trades when I should have got out before that level.
From a technical perspective needs to clear and close above by TP1 @ 1.3219.
1.5 x ATR is show on 1.2967, which is probably a better stop, but I have been taken out of a few trades when I should have got out before that level.
Trade active:
Trendline also needs to be broken to the upside before the TP1 level.
TP1 0.58% SL : 0.43% RR: 1.3R
TP2 1.24% SL : 0.43% RR: 2.8R
Trendline also needs to be broken to the upside before the TP1 level.
TP1 0.58% SL : 0.43% RR: 1.3R
TP2 1.24% SL : 0.43% RR: 2.8R
Trade active:
Nothing to do but wait, despite USD strength GBP still holding up.
Looking at a symmetrical triangle pattern to guide this trade now.
Looking at a symmetrical triangle pattern to guide this trade now.