Acc Risk: 0.4%
Stop: 1.7337 (52 pips)
Target: 1.7061 (4h50, 276 pips, 5.3 RR)
Mindset: Positive about the divergence but reluctant about taking another trade
I like this trade set up the divergence is lovely and looping. The entry is pretty good too.
Here’s the set up chart.
4H Chart Set up
The divergence is looping and the set up looks swell.
There’s a double divergence on the hourly chart.
The only other timeframe of note is the weekly. We are into the w50.
Stopped out – 28 Apr
Got stopped out on this trade, Friday PM. Not a great way to finish the week. The market has just spiked up and taken me out. Very frustrating.My first thought was – if I wasn’t using a tight stop I’d still be in this trade – but that’s my old mindset talking. I know that it is better to hit a lower win rate and get back into trades.
Added an order to get back in – 28 Apr
I know this is the right thing to do, get back into the trade, so I waited for the set up to remateralise and placed an order roughly 50% off the high. We’re getting to the end of day Friday, so I’m not sure the timing is good right? Being triggered in over a weekend!?
Cancelled the order – 28 Apr
I’ve cancelled this order, Friday @ 21:20. Price was within 1 pip of triggering the order but price has now moved away. Maybe this is a good thing. I’m nervous of holding a position over the weekend in the GBP if there’s some sudden trauma that triggers me in and immediately out of a trade. Maybe this is not worth worrying about?
Feeling unlucky with this one – 02 May
Just double checking the chart to see if any further set ups occur and I’m feeling pretty unlucky about this. I missed my entry by 1 pip and price has now hit my original target quite quickly. I’ve had so many losers lately it’s not nice to see.