Trying out a trade idea on demo!

Beginner Questions
1

I’m heartbroken because of the elections, but life goes on and we move forward! All the more reason to work hard and save up, and hopefully get out of here! :sweat:

Bought GBPUSD at 1.23217
SL @ 1.22644
TP @ 1.2500

It’s been a while since I talked about a trade so I’m a little rusty. But I’ll definitely get back on track in the coming weeks! :pray: Please pray for my country.

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2

IMO In our current economic enviroment It is advisable to follow the trend on this pair as GBP is weak. 200 SMA on daily chart - buy above, sell below.

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3

Could you share more what have you seen, that made you open this position?
I would generally agree with @steve369 that it is a strong downtrend.

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4

Hello, are you providing trading signal or sharing your own trade position?

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5

Thanks for the reminder, @steve369 and @wilczasty ! :blush: I know this is a bit of a crazy trade but I actually saw this on tradingview. :sweat_smile: The idea is that price will go up a bit before it continues to plummet. :open_mouth: I also saw that GBP is weak but I sorta wanted to see if the OP’s prediction will happen so I tried it on my demo. :sweat_smile:

6

Oh! :sweat_smile: I’m sharing my own trading position. :smiley: Haha. This would’ve been a very concerning trading signal. I would report myself as a scammer. :stuck_out_tongue: Haha. :smiley:

7

Tbh, I was so eager to get back to trading because it was this time that I was trying to distract myself from the depressing results of the elections here in my country. :sweat_smile: I admit this is a slip on my part but my head’s a lot clearer now. :smiley: Good thing I did it on demo though! :stuck_out_tongue:

8

Always consider what DXY is doing when looking at this pair. Been so bullish of late that GBPUSD buys would be catching the falling knife as it were.

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9

@cashisking86 DXY is the key indicator for the movement of USD. Traders should consider looking into the moves by DXY while trading USD pairs.

10

agree with you 100%.

11

Thanks for the reminder cash and Narquois! :blush: Unfortunately, I wasn’t able to incorporate DXY when I opened this position. :thinking:

12

Something I find helpful is look to see what DXY is doing and then check EURGBP to see which is the weaker of the two. This will help guide you on which pair of EURUSD and GBPUSD might be the sharper move

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13

Oh yeah. :open_mouth: I’ll try to do this next time. :open_mouth: For my recent trade, I mainly focused on my indicators but I can see how checking EURGBP would help me make a better trade. :thinking: Thanks Cash! :blush:

14

Best to do whatever suits and fits in with your own strategy to be honest. What I suggested works for me but might be extra faff for you for no real benefit. Something to experiment with perhaps.