RplusT wrote: Sat Jun 11, 2022 12:48 pm Don't get annoyed Pumba. We all learn from other people's approach and trades. I'm sure you had your reason to place that trade.
I don't trade FX but opened the chart out of curiosity i.e. thinking what would have I done.
It is obvious that the GBPUSD is constantly moving South. Thus I'd have a Framework like this on the 4H/D1 TF and my consideration of shorts would be at the 1.26 level.....moving to the 1M chart to place my entries with low risk. Placing a short down near an S/R level would be a no, no for me. Of course such level can be broken (as it did, but much later)....but that's hindsight at this stage. Just my 3 Cents.
I went for a momentum play thinking we might not get a pullback anymore. I know this big breakout Bar was from news, but maybe that is enough to get strong one directional push to the downside, while everyone was trying to buy GU to trade their reversals.
My SL was placed wide enough in case we actually make a bigger retracement.
On my personal Account I added another Trade when it retested the resistance (I split my risk), but on my funded Ultra Capital account I am not allowed to add into losses (somewhat understandable as I wouldnt recommend anyone doing that).
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If I could go back in time I would wait on the pullback and go full margin on the short and make Elon Musk call me Daddy, but sadly that is not possible