Hi I have been learning Forex on and off for a while now, and feel that I need to live trade now. So my thoughts for my first trade were the following. GBP/USD Daily TF my EP was 1.26 SL1.2510 now moved to 1.26 so no risk now 1st TP 1.2720 2nd TP 1.2765 and final TP 1.2820 I waited until it broke my trendline on the 14th May and entered the trade on the 15th. Just sharing to gain anyone’s thoughts Please note I have not placed this trade just trying to gain info on set up.
Regards Patrick
It’s a nice trade. You saw a potential upward move, you entered at a good level, you protected your inital position with a stop-loss that’s not too tight, you protected your profits by raising the stop-loss and you have a plan for maximising profits by scaling out.
It’s a more aggressive trade than I normally take, I did not have this pair marked as a potential trend-following buy until the swing high of 03/05 was broken with a higher close on 15/05. As a result I am still waiting for a pull-back and a higher swing low than 09/05.
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