GBPAUD Short
Price
Price
- Entry 1.4865
- SL 1.4930
- T1 1.4710 take off 2/3rds of position
- TP open - hard stop placed at 1.4370 will adjust as needed
- Risk 65 pips @ 1% allows .03 position size
Profit/Loss booked
- Position 1
- Position 2
Remarks
This trade poses a unique problem with historical lows or at least a lack of historical data back far enough to show any demand zones below. So the question becomes what do you do when you want to try to ride the train lower?
My plan is to take entry on the most recent supply zone and if the trade isn't stopped out, T1 will be a retest of recent lows, TP for the remaining position will be when the fast trix or price breaks above cloud or a fresh demand zone that is formed after T1 is hit. Another way TP could be determined is to use a fib extention.
I don't care which way the market is going as long as it's going my way