IT's journal

Daily trading journal with personal subjective market analysis and trade setups.

Markets traded: EUR/USD and GBP/USD on 15min chart, Frankfurt open to London close.

yellow rectangle, interesting area for a potential setup

EUR/USD 15min
I expect a breakdown and pullback into current support of yesterday's range.


GBP/USD 15min
Same as with EUR/USD.
Probably PA will unfold differently, but I like imagining possible session scenarios before the trading day starts.

After the anticipated breakout through yesterday's range support, breakout failure and pullback towards recent highs at 1.4200 I shorted a bit late due to lack of clarity of priceaction. I try to hold it to 1.4173, but will be quick in scratching this trade.

got stopped out with -2 pips on surge higher.
Setup and entry weren't optimal, risk:reward acceptable, I trailed the stop early which seemed advisable due to bearish weakness at minor support.

hindsight setup:
an area I had on the radar: breakout of daily high with pullback.
I usually time my entry on the 5min chart, but I didn't see any sign to go long.
Maybe the morning star like formation, but at the time didn't look right. (too much sideways action)
an entry on break of consolidation high would have given me less than 1:1 to yesterday's high a nogo for me, therefore looked for better entry lower (and missed the explosive action)

S/R, news, vertical orange lines Frankfurt and London open and purple London close

GBP manufacturing production worse than expected

Two attempts long from support with bearish weakness, first scratched,
second closed at previous swing high with 1R. (To be out before the ECB anouncement)

Long from support after displaying bearish weakness at close of 5 min candle.
I often try to get in at a better price (bar retracement), but this time I thought it better to get right in at the close not to miss this one.

stoploss moved to +7 pips (0.3R)

GBP/USD 15 min and 5 min

based on 1hr chart I decided to give it more space for more bullish strength , so I decided to trail the stop moderately.

finally price hit my estimated target area and giving a second chance entry which I didn't take.

long from 1.4345, stop moved to 1 pip above BE

part 1 target reached R+1.13
part 2 stop left at 1 pip above entry

stop for part 2 moved to below breakout level - looks like getting hit soon

part 1 +1.13R, part 2 +1.13R, setup total +1.13R

short EUR/USD 1.4405

out at BE.
moved stop early because of previous strong bullish swing and long bottom wick on 15min breakout candle. Rather waiting for a second chance setup.

trade review: this time it was not a good decision to trail the stop too fast.