- 2nd reversal candle formed after testing of the horizontal near 0.87 (previous left shoulder high) with a strong marobozu closing the gap in commanding manner
- Slight divergence noted
- Sell stop set 20pips below the marobozu @ 0.86
- Set at 50% of the marobozu @ 0.872 (20 pips above 0.82 round number)
- Up for adjustment in the future
- Set at previous support @ 0.835 area
- Sell stop triggered
- Yesterday session closed bearishly with minimal challenge from the bull at the 20MA support... Hopefully bull is gone for good for now
- From now on, I will closely monitor the price action at this 20MA support region.... to make any trade adjustment if necessary.
- Yesterday close was a good one for the bear as it cancelled off it initial upwards movement and closed a shooting star. Also daily closed below 50MA resistance
- Hopefully this will serve as a good basis for the bear to continue towards previous swing low.
- Will certainly hold on to my trade in the hope of reaching my PT within the next 2 weeks
- Finally got the chance to update my journal, been in CNY holiday mode since... Need to be more discipline in updating my journals... (CNY resolution.. lols...)
- Last week closed with a bullish reversal engulfing candle after breaking down the 50MA resistance.
- I will hold on to this trade and would expect this pullback to retest the 20MA resistance and hopefully continue its current downward trend.
- Yesterday candle did tested the 20MA resistance and closed a bullish candle with a long upside wick (Shooting star?)
- Building on this, i would hold on to this trade and see how the price react to the 20MA.
- However, i need to be wary about the upcoming GBP rate and policy release in this coming Thursday. Potential trade adjustment will be made in the coming days.
- Yesterday session continued the bearishness from the shooting star off 10/20MA resistance
- Similar to my other open trades, i will limit my risk by moving my SL to 20pips above the shooting star @ 0.865
- ATM, i have 90pips unrealised gain with additional 150pips to my PT
- Lesson of the year!!! Exit trade before rate or policy announcement....
- Because of greed in chasing the potential profit, i was hoping the announcement to be in my favor thus didnt execute my exit rule.(This is same for all my GBP trades)
- For this, i paid the price.... my previous 90pips has now evaporated and i have exit my trade at breakeven.
- Yesterday candle closed a bullish engulfing but yet to close above the 10/20MA resistance. This could be another chance to short?? lets see