Today we saw a very strong breakout. I had a losing day today due to the indecision in the markets and the failure on my part to recognise that and get out of the market.
I'm not too sure what the catalyst was to have pushed GBPUSD above its resistance level, but it has lined us up for a lovely long opportunity.
Tip: Always make note of current market structure, wait for the breakout, and then wait for the retest. This has been proven to be very profitable under the right conditions.
As you can see from my previous trade ideas, I don't use very fancy indicators. I like to focus on fundamentals, structure and then waiting for some sort of breakout to give me confirmation that I need to monitor price action because a high probability trade is incoming.
I have not identified my TP and SL here, but I will be settling a buy limit in the arrowed zone and will take a 1:3 RR.
Happy trading.
I'm not too sure what the catalyst was to have pushed GBPUSD above its resistance level, but it has lined us up for a lovely long opportunity.
Tip: Always make note of current market structure, wait for the breakout, and then wait for the retest. This has been proven to be very profitable under the right conditions.
As you can see from my previous trade ideas, I don't use very fancy indicators. I like to focus on fundamentals, structure and then waiting for some sort of breakout to give me confirmation that I need to monitor price action because a high probability trade is incoming.
I have not identified my TP and SL here, but I will be settling a buy limit in the arrowed zone and will take a 1:3 RR.
Happy trading.