GBPUSD trade quick explanation
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.