Disliked{quote} GBPUSD Week 34 August 20 to 24, the Market Type has changed from Trending to Sideways, is good for range trading strategy. Weekly range is 225 to 250 pips until I see a breakout. Tomorrow, we have weekly planning session at London 3PM. After that I will post my Big Picture Plan and trade plan for MEME trading from next week 34, August 20 to 24.Ignored
GBPUSD Week 34 Aug 20 to 24
I have one open basket from last week - 3 open sell positions in one basket. I will manage this basket this week and if the market become choppy, it can be closed with breakeven or a small loss which will eat some of my profits made so far in August. ($826 and 1184 pips, total 23 positions closed)
Weekly Chart below:
The market type changed as the price lost its downward momentum.
It is range trading so we adapt our TMS trading strategy for range trading.
We want to trade only the best setups and look for swing potential of 3 to 8 candles (Post#647) ...H4.
TMS multi-charts below.
You see the Weekly range high Low on the H4. Look at the 10/50/200 EMAs, that give use the visual of the H4,D1 and W1 'trends'.
But when the trend you see is not clear, what do you do?
And do not forget to look at calendar events. Brexit talks still ongoing so we must trade with more caution, know when to cut-losses and also know when to let_profits_run... (this is the holy grail system belief - cut losses, let profits run)
Trade Well and be Happy.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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