GBPUSD Weekly: Retracement or Just Playing Hard to Get?

11 Oca

Halamakkkk, I thought I was going to have a nice 2-3 weeks break from looking at the chart! But clearly, the weekly chart is playing with me. The weekly chart really confused me because last week the market closed with a so-called "Inverted Hammer," meaning the seller momentum is still there to push it further downward. But at the same time, the market is also showing that it closed below the Bollinger Band, which means it's oversold! Think, think, think.

But but but buuuuttttt, the risk-reward for this to be a BUY is too good to ignore. So, on Monday I’ll set a pending order with Entry point on 1.21700, SL on 1.19411 and TP on 1.26000. The TP might change if it doesn't hit by end of Friday.

Entry 1.21700
SL 1.19411 (Weekly fibo 1.414)
TP 1.26000 (Weekly REE point)


Weekly chart

13 Oca

İşlem aktif

Ahhh my trade triggered already! And so far, it's moving like I expected – Sell all the way for now. The big question is, how far down will it go and until when? Hopefully, not too crazy. My SL is set quite low, even on the monthly timeframe.

What I'm really waiting for is when it'll start to move up. My guess is this week or maybe next week. Don’t think it'll drag until the week after next.

Now the real challenge – control my mental game and try not to keep staring at the H4 chart. LOL!

15 Oca

Not

Hoyeah! Finally, the candlestick shot up and closed as CSAK on the H4 TF! But actually, this candle closed as a CSM. Whatever lah, CSAK or CSM, as long as it went above the mid BB and high MA.

Anyway, I just realized my TP needs to be adjusted to 1.25000 since that’s around the ReEntry point on the Weekly TF. Alright, time to chill and keep myself busy with other things so I don’t get stuck in the mental game.

New Corrected TP 1.25000

Weekly Chart

18 Oca

Not

Huhuhu Mr GBPUSD is playing hard to get, eh? Ay, let’s see how low this mister can drop. Gonna hit my SL? No way, sir! This pair has gotta go up at some point. My guess is next week. But please sir, not the week after, okay? Waiting is pure torture sir!

Weekly Chart

20 Oca

Not

Alright new week means new TP. This week TP would be 1.23700. Come onnn brother!

Weekly Chart

24 Oca

İşlem kapandı: hedefe ulaştı

Kappoowww!!! Finally my suffering is over! I changed my TP to 1.24000 on Tuesday based on the Weekly TF. Yes I know 1.24000 is very far from the High MA5 for this week but honestly, I didn't backtest this strategy that much so I didn't have much confidence. So to play safe I just aimed as high as 1.24000. But TP is TP, glad that I still took the TP on this fight. Now time to chill, maybe go MIA for 3-4 weeks and just monitor on the weekend for new CSAK.

Weekly Chart