Hey everyone,
It was a nice day for me with EURJPY and AUDJPY. Just after I closed my positions I noticed that all pairs did well today. Now I was checking the GBPUSD and I saw a possible retracement from 1.5798 so I entered short.
Actually I don’t like the idea of opening a new trade in the evenings after completing a few good trades, because whenever I do so I end up losing. But the reasons I entered this trade are:
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Bearish overall trend
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RSI and Stoch show a hidden divergence, i.e. continuation
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A tweezer at the top
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Ichimoku H4 still bearish, H1 shows a bullish reversal though.
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Price way up from the Kijun on H1. Expectable bounce back.
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Small risk. Stop-loss 19 pips which is 7 pips above the top.
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Target will be Fib levels consecutively with a trailing SL.
I’ll post the result later. It’s not an important trade for me though, as my SL is tight.
I’d like to know what other traders think of this position. I bet there are things I miss as always.