GBPUSD trade quick explanation

in #trading2 years ago

hey!

This is my GBP/USD trade overview.

Please leave a comment and tell me what I can do better and what to keep in mind the next time. If you don't like my style, leave a downvote! :)

Pound / Dollar

As always, the first thing I do is I look at the larger time frames and see if the trend is about to reverse or continue.

^15 min chart^

So it was forming either a resistance break and bounce on it or just a bull trap.

When the bull trap was made I got in there (put position):

^1 min chart^

Also a good thing, the RSI was overbought and looked like it wants to go down again.

So the exit was just PURE LUCK. Before entering the position I set the expiration to 30mins so it expired right there:

Summary: Absolutely a risky trade and luck had a very important role here today.

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