Saturday, April 23, 2016

Failed: Short GBPUSD

This one looks like a almost perfect setup to trade but it didnt turn out well as expected and hit my stop loss. GBPUSD was in a down trend then a strong down move followed by a sharp reversal was the perfect entry point but it continued moving upwards and hit the stop loss :( It was expected to continue its downwards trend :( oh well...

Trading Plan:
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)

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