[quote=Phillip Nel;2053897]4Hour is in a huge triangle. MACD has not given TC yet but I will treat this trade as a positional trade to be part of a move should it happen. There has to be some clear prove in the price action that supports this action. The bottom TL has been tested, then there was a retracement to the 21ema and then price came down forming a spinner followed by another down candle. There is also a possible sHs on the 4H. Price has shot up over 200pips making a false breakout above top TL and turned around all the way back to bottom TL. If the price is going to go below the bottom TL I believe it will run to around 1.5000 level. Only my opinion. I then wanted to position myself for a possibility of the break downwards. The current situation gives me an oppertunity wit a stoploss of ±20-30 pips to be part of the break. Worth taking the risk.
I have therefore enter at 1.5441
SL 1.5466
TP 1.5400 (To determine R:R to be OK if it turns around to be able to manage the position to BE at worst)
I will then close 50% after +25pips gain and set remainder at -25 so that BE is obtained at worst. Should 1.5410 to 1.5400 being reached I will set remainder on BE and a 45trailing stop to give it a chance should it break downwards.
Edit 1
Close 50% after 25 gain and set remainder at -25. Another important factor is what is going to happen around the bottom TL. If price is getting stuck there the chances will be good that I will get another chance to get in so I will close remainder if there is evidence that the price stays at the bottom TL.
Edit 2
1.5400 has been reached. Set remainder at 1.5440 and with 45trailing stop. Price then shot down to ±1.5385 indicating orders being filled(possibly long orders) and then start to retrace. GbpUsd has made a green bar with tail so I will watch this position closely as to not lose some pips allready made unnecessary if it turn out to be reversing.
Edit 3
Remainder closed at 1.5320 after 1.5300 was hit
Total gain (25+121)/2 = 73[/quote
.
I have therefore enter at 1.5441
SL 1.5466
TP 1.5400 (To determine R:R to be OK if it turns around to be able to manage the position to BE at worst)
I will then close 50% after +25pips gain and set remainder at -25 so that BE is obtained at worst. Should 1.5410 to 1.5400 being reached I will set remainder on BE and a 45trailing stop to give it a chance should it break downwards.
Edit 1
Close 50% after 25 gain and set remainder at -25. Another important factor is what is going to happen around the bottom TL. If price is getting stuck there the chances will be good that I will get another chance to get in so I will close remainder if there is evidence that the price stays at the bottom TL.
Edit 2
1.5400 has been reached. Set remainder at 1.5440 and with 45trailing stop. Price then shot down to ±1.5385 indicating orders being filled(possibly long orders) and then start to retrace. GbpUsd has made a green bar with tail so I will watch this position closely as to not lose some pips allready made unnecessary if it turn out to be reversing.
Edit 3
Remainder closed at 1.5320 after 1.5300 was hit
Total gain (25+121)/2 = 73[/quote
.
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