GBPAUD [H1; progress update]
Almost 500 pips on this short entry.
TP still another 230 odd pips below current price.
Price has bounced more than once from the most recent lows just above the 1.75 handle with 'significant time variation' (this is an important concept).
Notice how the Octives have reduced in magnitude !
This observation leads to an updating of our initial expectations.
So it is logical (now) to consider a reduction in the target and a strategy for reducing the stop loss.
Several closing strategies could be applied here such as:
(a) wait for price to tag the support once more and if the next H1 bar closes bullish then close the position;
(b) wait for price to tag the support once more and if the next H1 bar closes bearish then tighten the stop by half (just above 4/8 MML CP);
(c) wait to see the PA closer to London Open and if the Bulls look active close the position, if bearish let it run on until (a) or (b) occurs.
Masterrmind.............
Almost 500 pips on this short entry.
TP still another 230 odd pips below current price.
Price has bounced more than once from the most recent lows just above the 1.75 handle with 'significant time variation' (this is an important concept).
Notice how the Octives have reduced in magnitude !
This observation leads to an updating of our initial expectations.
So it is logical (now) to consider a reduction in the target and a strategy for reducing the stop loss.
Several closing strategies could be applied here such as:
(a) wait for price to tag the support once more and if the next H1 bar closes bullish then close the position;
(b) wait for price to tag the support once more and if the next H1 bar closes bearish then tighten the stop by half (just above 4/8 MML CP);
(c) wait to see the PA closer to London Open and if the Bulls look active close the position, if bearish let it run on until (a) or (b) occurs.
Masterrmind.............
Master your Mind then Master your Trades
