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
pro-forex-trading.com/gbpusd-05-oct-2015-longgbpusdlong/
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
pro-forex-trading.com/gbpusd-05-oct-2015-longgbpusdlong/
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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.