just for the sake of it, look at your weekly chart. Gbp/usd is at a quadruple bottom. You think your trade has a high likelihood of working out when on such a long time-frame it is at a massive support?
I don't think so. Secondly, for pairs that are normally traded in the london and ny session it's generally bad to place stop orders over night, cause you will just get faked out. 9 out of 10 times there is no follow through.
Anyways, I am out of here. On to my backtesting
Shomari, take the lead!
And YES, read my posts from last night about FAKEOUTS !! Custos siad it perfect. You DO NOT want to be triggered in Sydney or Tokyo session, cause when the big boys come to play in London and New York they move the markets where they want, and it usually is not the direction of Sydney and Tokyo. Sydney and Tokyo usually creates the "wick" of the Daily bar, London the "body" and New York the "body" and closing "wick" of the Daily bar. I hope that made sense.
It's always good, I find,to let London open, and then watch for the direction the session starts to go. Usually within an hour or 2, you get a good feel for the direction. But please, NEVER open a fresh trade in Sydney or Tokyo session. If you're already in, from the night before, fine. But NEVER open a FRESH trade during either of those two sessions.
Trade Life !!
u mean that u dont care about fundamentals? or...? help sir
