It makes sense, thanks. That makes me think that around US closing time, I will try to avoid lower timeframe orders and focus on daily orders but always placed after US close. I’ll test it, thanks.
Yes, I totally agree with you on that :-),
but I also think that sometimes, it is also important to know why some bars are formed in such a way, because that is part of the history too.
Still in the GBPAUD trade and looking to exit somewhere before 1.9000. How wise/unwise is it to keep the position open over the weekend? I took the trade on the daily TF so there are going to be situations where trades are still open on Friday with a fair way to go to reach your PT.
I won’t be looking to make any more trades this week. Only opportunities would seemingly be at H1 and below I would have thought.
For my part: I never close open trades just coz the weekend is rolling by, esp if they are D1 trades + in profit (!)
I think 1.9000 is a reasonable target; if price continues the way it’s done this week, your target could be hit in the next 3 trading days (!). And you have all that momentum behind you.
PS: an interesting exercise: switch to Weekly chart, see where the last support above current price was. Then set your TP to that (it will probably look very far away) and see if you can trail (manage) your trade till it gets there
If looking at the weekly GBPAUD I am seeing a massive BUEB forming about to engulf 4 whole week. I would guess weekly trigger traders would be placing lots of buy stops comes Monday but getting a bit carried away right now coz we have a few more hours to the close!
I don’t think I can let it run to 2.000 with my current stop in place as that exposes me to potential lost profits of 5-6RR if it gets close to, but doesn’t reach, that target.
Would it be worth, in this scenario, placing a trailing stop of maybe 1R once (if) it reaches 1.900?
Or, alternatively, would it be best leaving the current stop in place, maybe move it to next support (1.860) once (if) if reaches 1.900, and exit the trade if there’s a reversal signal?
I would follow my plan, did you have a plan when you entered this trade? then follow it. if you dont then you are letting your greed and emotion dominate you. just my 2 cents.
