We have news coming out in 3 hours on GBP GDP numbers so this is risky but I will cover by moving my position to break even or above the current price before the news break
It's at a supply zone and its showing signs of weakness. the short is in place and looking for a mid point move to take profits.
Rule: Take small profits along the way :)
I initially thought it was a short play, maybe this is because i am short biased. Bu as soon as the price action told me its not going my way and broke structure on the lower timeframes I got out and changed my position because the market told me where it was goin.
I am mindful this set up is Pre London Open and am happy to exit as soon as the price goes against me. but if it doesn't Ill stay in for the ride.
Im feeling comfortable knowing why I am in and when I will get out and no variations from my idea.
What you did by changing the Supply and Demand zones is to follow the base learning of looking for the moment when price pushed away from a position and even when in a consolidation as this is the point the Supply Zone started at.
Mark up every level on the 1 hour to get the best points for S&D zones if they break these zones go to the next levels on the 1 hour or...
30 May 2023:
Pull-back on the daily and 4hr to a level of Resistance.
I entered with the proper risk management and profit targets
I didn't wait for confirmation candle as I can't predict what the price will do and success is 50/50
So I made One Good Trade and managed my risk
This is at support level on the daily
It respected this level before
Showing signs of rejection
Could break below and continue to the downside to 1.05000
At a sig level
Good rejection so far
Good risk to reward
You only have a 50/50 chance of being right so good to get into the trade and manage your risk
At significant level of resistance
in a long term range
67pip risk and long term profit of 322 on the daily
Good rejection so far on 4hrly and in play on the daily
firtst tartget level 128pips
On the daily Resistance level showing signs off weakness to continue with the up ove from the news
on the lower timeframe we are seeing some rejection but not enough to be convinced
Bare in mind it can go either way every trade is 50/50 up or down.
- This seems to be moving in a range on the daily
- Its respecting the level on the 4hr with an indecision candle close and move to the upside
- 45 pip risk and 155 pip gain potential with indecision candles in between at the 78 pip range
- This setup is on the daily and its at a point of value or resistance level.
- Its showing rejection on the lower timeframe of 4hrs and I am waiting for the London open to enter this trade
- First Profit level is 88Pips and depending on the candle behaviour I will decide to stay or take profit at the 1hr candle close or rejection
After a gap up from the weekend elections Price is now looking to continue on its downward move as it has reached the EMA's. There is a confirmation candle on the lower timeframes indicating that this looks to be the next move. With low risk high reward set up for at lease 3 to 1 returns. REMEMBER the market is not your friend and it does what it wants to do...
