Disliked{quote} GBPAUD Week 42 Oct 16 to 20: when price hit that region 1.6720 and 1.6600, it can also bounce from there and it depends on the prevailing market condition. But mark this region 1.6720 and 1.6600 on your chart, it is a "minefield" which has not yet been cleared. it can bounce back up to 1.7000 as mentioned in my post below. We shall see what happens next week and following weeks. {quote} Position trading on the D1 chart requires lot more patience because trades can run for weeks and keeping trades open over the weekend can be very risky and...Ignored
For some reason I did not see that post,
by the looks of the weekly candle it did look like perhaps we wouldn't see a sustained push to the downside this week.
I previously just looked at the daily and h4 when I made my other post here several hours ago, but the weekly chart is adding weight to my opinion about a possible H4 bullish setup on monday, tbh ..It would not be all the surprising if on monday or tuesday the daily set it self up for a run too..
personally I think price may end up going considerably past 1.7000, ...but nothing is certain ..and I guess time will tell........
I think holding onto trades over the weekend is risky yes, on the rare occasion I have seen pairs jump 200 - 300 pips in that time, and if someone is sitting on a 30 pip stop loss, and price is like 50 pips away from that stop loss on friday, and when the market opens on sunday/monday it has jumped 250 pips ...that is going to hurt a hell of a lot [especially if multiple positions open on trades]
I think when considering whether to leave a trade open for the weekend one should consider how far price is currently from your stop loss, and also how big is your stop loss. and on high volatility pairs like gbpaud ..if price jumped 200 - 300 pips against you over the weekend would you be ok taking that loss?