DislikedThe Gbp/Usd small PB.
What a great location . . . BRN, 1.5000, PPZ level, 61.8 fib level, . . its what we look for when searching for great locations. Now all we need is a great bar. We don't get a great bar, we get a small PB instead. Half of the equation is incomplete. Bad bar at a great location,...Ignored
Very good analysis, but even more difficult to play if one decides to have go at it for the following reason:-
Daily PB low 1.4914. If we give a gap of 10 pips to ensure that PB is broken then we should be placing a sell stop at 1.4904 and that is selling into a RN 1.4900. So the sell stop is placed at 1.4894. (Is this strategy for entering close to RN correct to ensure one is not trading straight into a RN)
The FTA marked in your chart is too close to my entry and my FTA would be the 50% Fib level 1.4865 to previous bar highs around 1.4850 as there is always a likelyhood that PA will bounce off this level. the 2nd Traget would be 1.4820 which never got hit in this case.
All is all this trade required a swift Take profit action or moving SL to entry level to ensure BE trade.
Cheers
Novice 198