GBP - The British Pound

[Minsk]

Looks like GU breaks down out of trading range now.

30-6-2022 GBP-USD breaks TR.JPG

 

[Minsk]

it's sad, but this trade hit SL and SL was not yet at BE.

[immy]

Looks like GU breaks down out of trading range now.30-6-2022 GBP-USD breaks TR.JPG
 



 

Lesson from this trade...

The CURSE of the BIG stop loss. 

When you trade with 35 Stop Loss and the thing has moved 180 pips from its peak... what do you expect it to do? 

Will it go 35x5 = 175 pips more? 

Surely it moved 1R in your favour which is 35 pips, shouldn't you have moved SL to BE? 

ps: I just saw, that you are using 2R for BE fair enough. When the market starts to go sideways like this, .... hmmm, wait. stop...

I don't need to teach you this. Keep going, you will LEARN
 
pps: this is a very BIG stop loss for GU especially when it was NOT moving in high volatility. Another thing you will learn in time. Keep going 
 

[immy]

The GBPUSD has a nice,ish setup but I filtered due to support. 

 

[immy]

The GBPUSD has a nice,ish setup but I filtered due to support. 

 

 

Damn it, i was wrong. I should have got in. It was looking nice... 

I have limit sell order 

[Minsk]

i want a bananasignal below that level, and it needs to be small

[immy]

The GBPUSD has a nice,ish setup but I filtered due to support. 

 


 

Damn it, i was wrong. I should have got in. It was looking nice... 

I have limit sell order 

 

I have now deleted my limit sell, I noticed that it has NOT yet broken YD's lows. so could still be reacting to support. 
 

[immy]

I timed a cute entry off the M5 and M1 (advanced skills/ yes indeed but not that much) 
#LimitSell does this trick without extra knowledge. ... Limit sell below previous sell signal or below previous swing low that it broke. .. simple 



 
 

[immy]

Well there you go.

The Support was the Support and the decision was good to NOT trade it based on the support. It just can't clear it. 

Well, if not then let it his SL or drop like a brick .... 

 

[immy]

Well there you go.

The Support was the Support and the decision was good to NOT trade it based on the support. It just can't clear it. 

Well, if not then let it his SL or drop like a brick .... 

 


 

Update on the GBPUSD short. The trade is progressing nicely so far. 

I had finally broken the lows and looks like we are going to have a nice winner here. 

So far, 1R reached, but I won't be hasty for now. Not going to move SL to BE.. I will see if it drops further. And if it does then I might bring SL to a better location. The Focus on the "sl to BE" should be AVOIDED. this tendency to move stop loss to break even is a mental TRAP.  It is a a FEAR-based decision WRAPPED in hope and "sense of security". 

It's best to accept your risk and be proud of it. Lift your chin up and say, "I take this trade and I accept the Risk that comes with it." I do that because I am expecting a higher chance of achieving a 5 times bigger reward at the end of it. I know that it is not going to happen 100% of the time but that there is better chance. 

lets see what happens NEXT