27/10/202 - Trade 2: GU Sell 30min Fakeout and 15min Confirm
I was initially looking to enter buys as we closed above resistance on the 15/30 and 1hr timeframes. I couldn't enter as my stop would have been too big. I decided to wait for a pullback of some sort and minor support to be created on either the 15 or 30min timeframe to take buys.
This didn't happen. Instead, price closed below the previous resistance level creating a 30min fakeout (close back in range). I entered this sell after I got a second confirmation on with another 15min close below.
Price moved down nicely but didn't quite trigger my auto 8pip breakeven point due to spread, so I moved to breakeven manually at around 7pips. I did this earlier because we were hitting an area of congestion on the 15/30min and I felt it was an area price could bounce from, which it eventually did.
Trade was stopped out at a small .5pip loss. May have been some minor slippage or incorrect placement of stop.
This didn't happen. Instead, price closed below the previous resistance level creating a 30min fakeout (close back in range). I entered this sell after I got a second confirmation on with another 15min close below.
Price moved down nicely but didn't quite trigger my auto 8pip breakeven point due to spread, so I moved to breakeven manually at around 7pips. I did this earlier because we were hitting an area of congestion on the 15/30min and I felt it was an area price could bounce from, which it eventually did.
Trade was stopped out at a small .5pip loss. May have been some minor slippage or incorrect placement of stop.