GBP Breakout Above the major support

Looking forward, I'm seeing a triangle formation, looking for entry around the support+trend line area at 1.23015, with a hedge sell stop at 1.22850.

Looking at an overwhelming amount of buyers in this area, and comparing to other currency like the eurusd, I don't see the ceiling on that yet 🙈. Dollar is not doing well and banks are mixed, so quite a bit of volatility for that reason.

Komen:

Hedge at 1.2272, about 29 pips of risk and below the strong bull candle off the trend line

Komen:

Good scalping weather just mind the flat red line and the blue trend line with attention to bottlenecks in the middle but pretty sure we're getting that triangle

Dagangan aktif:

Order limit filled

Komen:

Hedge down another 10 pips, this looks like a liquidity grab

Dagangan ditutup: hentian tercapai:

Hedged out. See where we end up, because we're picking a direction now

Dagangan aktif:

Closed the hedge with a 10 pip loss this is a stop run

Komen:

New hedge at 1.2255, favorite pattern is complete on the 5 minute, the sell trap w, or loaded w. Forgot to hit update

Komen:

Pattern retest entry added 1.22895 with additional hedge stop

Komen:

Holding through the swap, volume is dropped sharply, look for the follow through to go up after market open in a new day. Double hedge stops at 1.2255

Komen:

Currently at 80 pips of risk, but after the follow through I will set a breakeven stop, fairly confident on the follow through coming, as we're back inside the triangle pattern now

Komen:

Candlestick math says this consolidation is a bullish pin bar. Have to work on that a little more but looks to be bullishness overall in preparation for the last day of the week to make a good push and finish this all week drive out.

Komen:

1.2372 is another possible level, and we could have a possible triple tap top from this level coming soon, looking at a longer term chart, the characteristics are in place for it

Komen:

1.235 is a more likely target, low angle higher high manipulation

Komen:

I'll make an idea for that showing what I see after I finish up something at work, but the third leg peak lines up with the target. I have a sell order placed there with a buy hedge at 1.238

Komen:

Price is continuing to slip, may be going down finally if we can't get one more drive

Komen:

Adding one last position in the support, and additional hedge for a triple hedge at 1.225

Komen:

Not broken yet, but the extra position gets the breakeven lower

Komen:

Not a very strong rejection off the level, but it does seem to be holding up

Komen:

Going to target the level at the top, 1.23280, to have a higher likley hood of closing all three in good profit

Komen:

if nothing else we are starting to get a clear consolidation range now between 1.2265 and 1.234

Komen:

Little bit more, and I think a handful of sellers will be convinced to buy back their positions from the top

Komen:

Very jumpy but tiny movement, I'm thinking this is institutional fighting, one wants the double top, the other is trying to hit the triple tap

Dagangan ditutup: hentian tercapai:

Hedged again. Wait for another Idea

Komen:

All orders are set for take profits at the next levels. Buys at 1.233, sells at 1.2224

New tripple hedge orders outside of take profits, buy stop at 1.23446, sell stop 1.22086

Alerts set and I'm finishing my nap

Komen:

Bottom hedged dropped for small gain, see if we get a retrace, if nothing else to hedge a smaller drawdown

Komen:

Other sell hedge was closed at a gain of 77 pips, Bittom hedge +6 pips, after the first hedge loss the trade is at a net gain of 71 pips so far

Komen:

Adding an additional buy here to make the upper buy breakeven at the next level up inbetween everything to try and clear

Komen:

hdge buy at the bottom closed with another from the top to reduce position size to two positions, gain 1 additional pip

Komen:

Second double hedge buy re entered, to still make the mid point breakeven at the next level

Komen:

adding 1 additional buy from the top of the level, still looking for a slight retrace up to flatten

Komen:

Extra position removed with another pip gained, intentionally hedged to pause until next week

Komen:

Total accumulated to this point is 66.1 pips net gain, with 9% drawdown to fix still.

Komen:

Did not have the full record loaded for the whole of the trade so far, had to recalculate

Komen:

Still observing, I'm still thinking the 1.22750 level will be reached after the market open, little bullish on the short time frame, but no volume, so it's not exactly going places anytime soon I don't think. Will be waiting for the 1.2275 level to close buys, if that is not reached, or at least a breakeven level reached on buys, then I will look at what the lower buy has earned and try to close the nearest matching buy in loss for a 2:1 breakeven, reducing position size, and enter a single additional sell to make the lower position gain 25% more efficient on the way back to the level it started from, while slightly raising the breaven sell point. Buy doing the 2:1 breakeven, and price drops, this allows me to essentially "drag down" the breakeven point with the price, and when the sell is liquidated, an additional Buy can be entered and further drag down the buy breakeven point, while saving on further drawdowns. I won't be worried until about a 25% drawdown, but 10 is far enough at this point, so the focus will be to either switch to the right side of the market, or manipulate the buy breakeven as low as possible to maintain the account balance, while still realizing some gains either way

Komen:

I'll be making a new idea for the finale of the trade, which will be made with two charts and a scalpel 🐒