First trade of the week was placed yesterday going long GBP/USD @ 1.3138.
The entry was based on 1.3150 being a pre-determined level of the daily low from the 14th September and price on the short-term H1 had broken upwards and so is counter-trend.
I took the long on the support at 1.3138 and held overnight. During this mornings opening price again bounced from the 1.3150 level again and I held until being stopped out having moved the stop during the trade and being stopped out for a 40pip gain.
Errors:
The error was in moving the stop too aggressively. It should have been moved under the new swing lows in which case I would have still been in the trade. Maybe the 5 prior losses beforehand influenced my decisions in wanting to ensure a winning trade but I know that placing the stops under the swing lows in the long run will ensure greater pip hauls and so I need to stick to the plan in the long run.
1.3220 is now resistance and I have support at 1.3150. Daily chart shows the downtrend and so if we get back below 1.3150 then shorts back in play but if we get above 1.3220 then 1.3270 is in play. 1.3180 is yesterdays high and could eb an area to long to the 1.3270 area.
Above 1.3270 and we could be in line with the weekly trend which is bullish and so still options on both sides in play.
Again I would post a chart but still as a new user I am unable to.