1D: 
EURGBP surged from 4/18 to 8/29...Retrace 8/29 to 9/27...now in consolidation range. The range is very messy. Upper area ~.89700 - .90000+ Lower area ~.88000 - .87300.
My last EG trade (short at upper range) ended with my SL triggered, taking me out of the trade before it moved in the direction I anticipated.
Now at lower area (upper range of lower area). The trade is active @ .88139, however only with a very small position at this time. I can scale in and make adjustments as needed. I realize there may be a better entry next week. Additionally, my SL is not over roomy. My thought is if it does fall to lower range area, my SL will get me out and allow me to get back in at a much better entry price and better R/R. If it doesn't bounce at this level, it will most likely fall to .876-.873 before a bounce would occur.
I entered the trade now because its in a little mini consolidation range on shorter time frame charts. I'll be in the trade if it does bounce from this point (which it has in the past). There will be minimal damage if it falls to the lower support range (which it also has in the past) and assuming I get back into the trade and support holds, gains would surpass the loss.
EURGBP surged from 4/18 to 8/29...Retrace 8/29 to 9/27...now in consolidation range. The range is very messy. Upper area ~.89700 - .90000+ Lower area ~.88000 - .87300.
My last EG trade (short at upper range) ended with my SL triggered, taking me out of the trade before it moved in the direction I anticipated.
Now at lower area (upper range of lower area). The trade is active @ .88139, however only with a very small position at this time. I can scale in and make adjustments as needed. I realize there may be a better entry next week. Additionally, my SL is not over roomy. My thought is if it does fall to lower range area, my SL will get me out and allow me to get back in at a much better entry price and better R/R. If it doesn't bounce at this level, it will most likely fall to .876-.873 before a bounce would occur.
I entered the trade now because its in a little mini consolidation range on shorter time frame charts. I'll be in the trade if it does bounce from this point (which it has in the past). There will be minimal damage if it falls to the lower support range (which it also has in the past) and assuming I get back into the trade and support holds, gains would surpass the loss.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.