Hi, I have explained many times of late, the need to be flexible. On Sunday my plan was to leave the Gbp/$ until it gave clear direction.
I watched it at the market open and it was going nowhere. By the time London opened it had consolidated above the emas so I took the trade. It had strong support and the potential to make at least 4 times the risk.
The video is particularly important for showing how I used multiple reasons to get out of the trade:
- Price was already over the average daily range
- the daily 55ema was just above
- the whole number
- probability that was more likely to stop than continue.
- Shooting star formed on a 1 hour chart convinced me to move the stop on the 2nd part of the trade
I took half of the trade off and moved the stop to entry + 2pips.
A little later the candlestick pattern started to form. I moved the stop to lock in another 80 pips on the second part of the trade. It was then taken out. Job done 🙂