Looking like a good break out trade. Any recommendations? Should I wait for the trade to confirm the S&R line a few more times? This on my demo, should I have waited longer for the entry point? It looked like it was going to bounce off…
Peak and trough behaviour on 4H suggests uptrend and the pair seems to be breaking the latest high, so your trade looks ok to me.
The peak and trough doesn’t necessarily mean it will fully break the resistance though does it?
Or is a peak and trough formation in an uptrend usually a continuation?
No, peak and trough is just a way to determine trend behaviour.
Higher lows and higher highs suggest that the trend is moving up, which of course adds credibility to an upside breakout
As far as knowing if a breakout is a fake or for real, only hindsight will tell for sure :). Our job is just finding high probability and low risk setups and if we do that well, we’ll make money in the long run.
I’m no expert and I haven’t read up on gbpusd, but from looking at the chart it would seem to be a good trade to me.
I guess not, I couldn’t take the 70 pips because I was asleep!
Then it came back down.
Maybe stop loss should have been a little bit lower.
