Building positions and letting them run
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Hi team,
I was thinking about this earlier and thought i would ask..
Looking at GBPUSD trendline from before (blue line) i noticed that it broke above that, then came back down for support then went into a really strong bullish trend.
I noticed that the down trend line (peach line) it is currently in was broken a couple of days ago, however it looks like it has the possibility to come back down to use it as support and maybe repeat what happened.
Would this be a situation where you would add positions to the profit target as the days went on?
Cheers
Lewis 🙂
Hi Lewis,
It’d certainly be one to watch. I’ve put a box around the bit of price action I see as a potential resistance zone. You’ll see 3 ‘peak’ candlesticks all closely marking a similar resistance level (toward the top of this zone) and your 1.59952 level marks the bottom of the area nicely. You could well get a decent run to the upside from this current dip and there’s not much standing in the way before that area.
Cheers for the feedback.
I actually traded this this morning aiming for the gold line at 9oclock, It had been steadily increasing overnight and i thought if it doesnt go bearish from the DOR then it will rally up to that resistance.
I gave it a score of about 50%? since i didnt let the market prove it was going to trade above the DOR, but i knew what levels it would probably go to if it went in my favour. Also, the risk to reward based on the size of the 15min candle was ok, however the candle had quite a large wick on it. I got stomped out via trailing stop, but profit nonetheless.
Hi Lewis,
Are you still following it? It found a bit of support this morning on 15min action from 17:30 yesterday and has pushed above today’s DOR.
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