Hello all - DuncanForex here with some trading analysis
I thought I would post a tutorial about how I traded GBPUSD today.
I did enter aggressively expecting it to head higher.
The reasons for entering were as follows.
I closed the position once it created a bearish pin bar on the 5 minute chart - after the next candle closed creating the retrace - I go out of the market.
Also it was very close to the 1.30xx area so was a good place to take profit
I have posted a mobile screenshot on my website of the trade so you can see it.
The trade played out well and was completed in less than 4 hours.
If you want to learn more about identifying trades like this, I look forward to seeing you at my website
Safe Trading
Duncan
I thought I would post a tutorial about how I traded GBPUSD today.
I did enter aggressively expecting it to head higher.
The reasons for entering were as follows.
- Sentiment view that a Brexit Deal was on the horizon.
GBPUSD and cycling higher nicely making higher highs and higher lows
I was looking to enter at the 50% retrace area as it was near to the new level of support from yesterdays highs.
The candle that closed below the support line created a slight bullish wick and so I entered once is cycled higher on the 5 minutes chart.
I closed the position once it created a bearish pin bar on the 5 minute chart - after the next candle closed creating the retrace - I go out of the market.
Also it was very close to the 1.30xx area so was a good place to take profit
I have posted a mobile screenshot on my website of the trade so you can see it.
The trade played out well and was completed in less than 4 hours.
If you want to learn more about identifying trades like this, I look forward to seeing you at my website
Safe Trading
Duncan
