Long @ 1.3004, SL: 1.28364 (168 pips, just below collective lows), TP: 1.33864 (382 pips), Risk:Reward: 1:2, acc risk: 1.7% (Again will look to add if we move up.)
Another day, another attempt at the GBPUSD long 🙂 This time we have closed inside the bands, come down to the lower side of the channel and the bands have flattened out. We’ve got 4 hour divergence and so I’ve gone long to at the trendline and lower band to hopefully get a run up to close the gap.
Four Hourly Chart
One thing that makes me nervous about this trade is the crowd behaviour. I think this is a crowded trade. It’s about 75% long on Oanda and 66% long on Saxo.
Update 3 October
So I got stopped out again. I’m not sure if I’m as happy about this one. Started to wonder if I got in too early here. The market moved against me and continued in a pretty big way. The stop was in place so I only lost my original stake. For now I can’t really see where this will end so stepping aside to wait for more price action.
Got stopped out on the grey dotted line.