Tuesday March 20 at 3:45 ET
Trade Experiment #359 Sell GBP/USD at 1.9490
Stop is 1.9541
Target is 1.9390
Risk is 55 pips
Reward is 96 pips
RRR is 1.7
Confidence level: good
Accuracy: good
Reward / Risk Ratio : relatively poor
For research purposes only.
Wave hypothesis: Small Wave C down of a downwards Wave 4.
p.s. - The progress of this rather non-strategic trade (poor RRR) towards its probable target was interrupted by the economic data releases out of the UK today which added to the chance of an imminent BOE interest rate hike, which in turn sent GBP/USD into a fast upwards, strong move of 193 pips size (so far). Before this happened, however, GBP/USD fell to 1.9431, which gave us a chance to move up our stop to a Break Even level.
Trade Experiment #359 Sell GBP/USD at 1.9490
Stop is 1.9541
Target is 1.9390
Risk is 55 pips
Reward is 96 pips
RRR is 1.7
Confidence level: good
Accuracy: good
Reward / Risk Ratio : relatively poor
For research purposes only.
Wave hypothesis: Small Wave C down of a downwards Wave 4.
p.s. - The progress of this rather non-strategic trade (poor RRR) towards its probable target was interrupted by the economic data releases out of the UK today which added to the chance of an imminent BOE interest rate hike, which in turn sent GBP/USD into a fast upwards, strong move of 193 pips size (so far). Before this happened, however, GBP/USD fell to 1.9431, which gave us a chance to move up our stop to a Break Even level.