GBP/USD LEVELS
S2 & weekly S/R @ 1.2337-1.2353
S1 & 4H/Daily S/R @ 1.2400
PP & 100EMA & 4H/Daily S/R @ 1.2500
R1 @ 1.2550
Weeky S/R @ 1.2600
I’m simply scalping this with 5 mins chart and 10 pips sl.
in @ 1.2418
sl @ 1.2410
target @ 1.2450
got out of it as this was a stupid trade to begin with, no plan, no trade se up, pure random trade….
then at the end of the day, the trade actually works out well to hit our target.
However, the issue is not the trade, it was our management because we got in a trade that we normally don’t trade the set up, we came to our desk late today and had missed the trade, however, we should not have chased the trade once it’s missed, it’s missed.
we got in long GBP/USD again at 5 mins 50% retrace and broke out of the trend.
The reason for entry is still the same as we think we should have more GBP/USD recovery into upside and unless we have another round of fresh sentiment for GBP weakness, GBP should resume strength from the previous oversold condition.
we stalled around for quiet sometime and finally took off to reach almost previous high and we got out at 1.2450 handle.
The reason is because this is a low conviction trade and we still have article 50 event ahead of us and is about to be released soon, so better to be safe in this trade.
- The article 50 was just signed and we saw large selling into GBP across the board. As this event is not really a surprise so the result was much of a surprise for many economist. We want to get in with the buy rumour sell fact effect as we think the market might over react and we might have a slow climb up to the higher level for GBP. We chose GBP/USD because if we have any sudden event, GBP/
GBP/USD LEVELS
S2 & weekly S/R @ 1.2337-1.2353
S1 & 4H/Daily S/R @ 1.2400
PP & 100EMA & 4H/Daily S/R @ 1.2500
R1 @ 1.2550
Weeky S/R @ 1.2600
I’m simply scalping this with 5 mins chart and 10 pips sl.
in @ 1.2418
sl @ 1.2410
target @ 1.2450
got out of it as this was a stupid trade to begin with, no plan, no trade se up, pure random trade….
then at the end of the day, the trade actually works out well to hit our target.
However, the issue is not the trade, it was our management because we got in a trade that we normally don’t trade the set up, we came to our desk late today and had missed the trade, however, we should not have chased the trade once it’s missed, it’s missed.
we got in long GBP/USD again at 5 mins 50% retrace and broke out of the trend.
The reason for entry is still the same as we think we should have more GBP/USD recovery into upside and unless we have another round of fresh sentiment for GBP weakness, GBP should resume strength from the previous oversold condition.
we stalled around for quiet sometime and finally took off to reach almost previous high and we got out at 1.2450 handle.
The reason is because this is a low conviction trade and we still have article 50 event ahead of us and is about to be released soon, so better to be safe in this trade.