GBP Breakout Above the major support
מעודכן
Looking forward, I'm seeing a triangle formation, looking for entry around the support+trend line area at 1.23015, with a hedge sell stop at 1.22850.
Looking at an overwhelming amount of buyers in this area, and comparing to other currency like the eurusd, I don't see the ceiling on that yet 🙈. Dollar is not doing well and banks are mixed, so quite a bit of volatility for that reason.
Looking at an overwhelming amount of buyers in this area, and comparing to other currency like the eurusd, I don't see the ceiling on that yet 🙈. Dollar is not doing well and banks are mixed, so quite a bit of volatility for that reason.
הערה
Hedge at 1.2272, about 29 pips of risk and below the strong bull candle off the trend lineהערה
Good scalping weather just mind the flat red line and the blue trend line with attention to bottlenecks in the middle but pretty sure we're getting that triangleעסקה פעילה
Order limit filledהערה
Hedge down another 10 pips, this looks like a liquidity grabעסקה סגורה: הגיע לסטופ
Hedged out. See where we end up, because we're picking a direction nowעסקה פעילה
Closed the hedge with a 10 pip loss this is a stop runהערה
New hedge at 1.2255, favorite pattern is complete on the 5 minute, the sell trap w, or loaded w. Forgot to hit updateהערה
Pattern retest entry added 1.22895 with additional hedge stopהערה
Holding through the swap, volume is dropped sharply, look for the follow through to go up after market open in a new day. Double hedge stops at 1.2255הערה
Currently at 80 pips of risk, but after the follow through I will set a breakeven stop, fairly confident on the follow through coming, as we're back inside the triangle pattern nowהערה
Candlestick math says this consolidation is a bullish pin bar. Have to work on that a little more but looks to be bullishness overall in preparation for the last day of the week to make a good push and finish this all week drive out.הערה
1.2372 is another possible level, and we could have a possible triple tap top from this level coming soon, looking at a longer term chart, the characteristics are in place for itהערה
1.235 is a more likely target, low angle higher high manipulationהערה
I'll make an idea for that showing what I see after I finish up something at work, but the third leg peak lines up with the target. I have a sell order placed there with a buy hedge at 1.238הערה
Price is continuing to slip, may be going down finally if we can't get one more driveהערה
Adding one last position in the support, and additional hedge for a triple hedge at 1.225הערה
Not broken yet, but the extra position gets the breakeven lowerהערה
Not a very strong rejection off the level, but it does seem to be holding upהערה
Going to target the level at the top, 1.23280, to have a higher likley hood of closing all three in good profitהערה
if nothing else we are starting to get a clear consolidation range now between 1.2265 and 1.234הערה
Little bit more, and I think a handful of sellers will be convinced to buy back their positions from the topהערה
Very jumpy but tiny movement, I'm thinking this is institutional fighting, one wants the double top, the other is trying to hit the triple tapעסקה סגורה: הגיע לסטופ
Hedged again. Wait for another Ideaהערה
All orders are set for take profits at the next levels. Buys at 1.233, sells at 1.2224New tripple hedge orders outside of take profits, buy stop at 1.23446, sell stop 1.22086
Alerts set and I'm finishing my nap
הערה
Bottom hedged dropped for small gain, see if we get a retrace, if nothing else to hedge a smaller drawdownהערה
Other sell hedge was closed at a gain of 77 pips, Bittom hedge +6 pips, after the first hedge loss the trade is at a net gain of 71 pips so farהערה
Adding an additional buy here to make the upper buy breakeven at the next level up inbetween everything to try and clearהערה
hdge buy at the bottom closed with another from the top to reduce position size to two positions, gain 1 additional pipהערה
Second double hedge buy re entered, to still make the mid point breakeven at the next levelהערה
adding 1 additional buy from the top of the level, still looking for a slight retrace up to flattenהערה
Extra position removed with another pip gained, intentionally hedged to pause until next weekהערה
Total accumulated to this point is 66.1 pips net gain, with 9% drawdown to fix still.הערה
Did not have the full record loaded for the whole of the trade so far, had to recalculateהערה
Still observing, I'm still thinking the 1.22750 level will be reached after the market open, little bullish on the short time frame, but no volume, so it's not exactly going places anytime soon I don't think. Will be waiting for the 1.2275 level to close buys, if that is not reached, or at least a breakeven level reached on buys, then I will look at what the lower buy has earned and try to close the nearest matching buy in loss for a 2:1 breakeven, reducing position size, and enter a single additional sell to make the lower position gain 25% more efficient on the way back to the level it started from, while slightly raising the breaven sell point. Buy doing the 2:1 breakeven, and price drops, this allows me to essentially "drag down" the breakeven point with the price, and when the sell is liquidated, an additional Buy can be entered and further drag down the buy breakeven point, while saving on further drawdowns. I won't be worried until about a 25% drawdown, but 10 is far enough at this point, so the focus will be to either switch to the right side of the market, or manipulate the buy breakeven as low as possible to maintain the account balance, while still realizing some gains either wayהערה
I'll be making a new idea for the finale of the trade, which will be made with two charts and a scalpel 🐒
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