HumbleTraders
Long

GBPUSD 05 Oct 2015 - Long

FX:GBPUSD   British Pound/U.S. Dollar
Pound sterling             has been in downtrend for a while. As all fundamentals point to stronger pound, this should be a good opportunity to enter long position. From technical perspective, all elements are in place. Trend has made higher low and retraced less then 50%. The only concern would be worse then expected PMI this morning. Unfortunately I didn't not check for news or researched the market before. I entered this trade.

Date: 10/05/2015
Pair: GBPUSD            
Price: 1.5140
Trade: Buy Limit
Lot Size: 0.08
Stop Loss in Pips: 60
Take profit in pips: 100
Risk of Equity: 2%

My Trading Checklist

ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: Yes
Is the market risk off or on? SP500             , DAX             , NIKKEI. Are the down or up: Risk On
Is this trade with the trend?: Yes
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: Yes
Am I selling resistance?: N/A
Is this entered during London's session?: No
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: Yes
Where is the price in terms of Pivots Points?: Support

http://pro-forex-trading.com/gbpusd-05-oct-2015-longgbpusdlong/
I AM MOVING SL TO BREAK EVEN AND EXTENDING TARGET TO 1.5540
Reply
Interesting observation you are using, but don't you feel that with price being under the daily and weekly pivot which is bearish plus after making a double top at the 23.6% retracement level and selling off again bearish and the fact price hasn't once tested the low put in at 1.51 which is also where weekly and daily support pivot levels are that any move up is a chance to sell? I could see if price managed to take out those pivot levels and perhaps put in some support we could see a move higher but where we are sitting now this doesn't look like its about to continue lower?
snapshot
Reply
HumbleTraders BTCMarket
Hi

Given the price of GBPUSD, I think there is no need for me to comment?
Reply
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