GBPUSD - Reverse from Short to Long

30 Mar 2022

So went short on this @ 1.31156 and 1.31232. Market orders so didn't get exact entry.

Original Trade Idea was to short at t-2 from month-end and quarter-end close, where very common to see USD strength. Was also in direction of major trend.

So I closed this GBPUSD short out, and reversed long, especially as I just read AM/FX saying that normal USD flows may not have occured yesterday (t-2 to month end).
This trade actually looked ok until I read the AM/FX article.

Probably counter trend and have taken this trade in end of asia session, i.e before candle close.
Stop probably more vulerable as well, but liked the reversal idea.

Very rare I am able to reverse trade idea, so far was right direction but didn't hit my 1st TP1, going to hold over night to see daily close.

2 Nis 2022

İşlem aktif

Not really moved far, but a level of support at 1.3050 where SL is. Didn't retest lower, despite the USD strength.
From a technical perspective needs to clear and close above by TP1 @ 1.3219.

1.5 x ATR is show on 1.2967, which is probably a better stop, but I have been taken out of a few trades when I should have got out before that level.

2 Nis 2022

İşlem aktif

Trendline also needs to be broken to the upside before the TP1 level.

TP1 0.58% SL : 0.43% RR: 1.3R
TP2 1.24% SL : 0.43% RR: 2.8R

4 Nis 2022

İşlem aktif

Nothing to do but wait, despite USD strength GBP still holding up.
Looking at a symmetrical triangle pattern to guide this trade now.