GBPUSD
May 9
Trade Executed
Price was in a discount on the range and the previous range. Asia opened to expand lower to take sell stops. That was my trigger to start hunting for a retracement/reversal of Thursdays delivery.
Target was equal highs and the 50 level
Cross referenced DXY and EUR for confidence for taking this trade as key level were violated on those pairs
Analysis from the 3 min chart
Noted equal lows were tapped at 20:25
22:06 Liquidity was taken
22:15 FVG formed & Price displaces
22:30 entry at price 1.32223
SL1.32123
First target was equal highs at 1.32734
Second target was 50 level at 1.32910 which also is 2 standard deviation level
1:33 I got scared as the trade was retracing (as it can just before London) and even though it did not come close to me SL I exited the trade
What did I learn
*Always be reviewing intraday order flow to not get caught up in the noise
*Stick to your plan until you fully get stopped out
*Read over your analysis plan when there is heat/retracement to remind you why you took the trade
*Be patient on days when your trade idea is a large range 50 plus pips
*no news creates a slower delivery, but it delivered
What am I happy about
*price delivered my idea
*I worked through my analysis and trusted myself to enter
*So happy I entered the trade!!!!!
May 9
Trade Executed
Price was in a discount on the range and the previous range. Asia opened to expand lower to take sell stops. That was my trigger to start hunting for a retracement/reversal of Thursdays delivery.
Target was equal highs and the 50 level
Cross referenced DXY and EUR for confidence for taking this trade as key level were violated on those pairs
Analysis from the 3 min chart
Noted equal lows were tapped at 20:25
22:06 Liquidity was taken
22:15 FVG formed & Price displaces
22:30 entry at price 1.32223
SL1.32123
First target was equal highs at 1.32734
Second target was 50 level at 1.32910 which also is 2 standard deviation level
1:33 I got scared as the trade was retracing (as it can just before London) and even though it did not come close to me SL I exited the trade
What did I learn
*Always be reviewing intraday order flow to not get caught up in the noise
*Stick to your plan until you fully get stopped out
*Read over your analysis plan when there is heat/retracement to remind you why you took the trade
*Be patient on days when your trade idea is a large range 50 plus pips
*no news creates a slower delivery, but it delivered
What am I happy about
*price delivered my idea
*I worked through my analysis and trusted myself to enter
*So happy I entered the trade!!!!!
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.
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.