Trade 4 – EUR/GBP

Analysis

gbp1Friday 3 February 2017 @ 0145 – A clear uptrend on the weekly with Waves 1, 2, 3 and 4 formed. Wave 5 upcoming.

gbp2150 and 200 SMA providing the TAZ on the daily timeframe. Wave 1 of the fifth wave has bounced out off the TAZ and Wave 2 has re-entered for a long opportunity.

gbp3As seen on the 4H timeframe, Wave 1 with a Wave 2 pullback. A large bullish candle might precede a flag pattern.

If consolidation occurs over the next few candles or so on the 4H a stop buy could be placed with stop loss below the consolidation flag.

More updates in the future.

Friday 3 February 2017 @ 1545gbp4A more objective trigger could be within the 2575SMA TAZ on the 1H chart.

gbp5Did I just miss the entry…..

Entry

gbpEntered at market when it opened. I realised spreads are very high. About more than 3 times than what they normally are. Potential 4.7R trade, 1% of capital risked. Might have been a bit late if referring to the 4H or 1H. But perfectly fine on the daily.

Psychology and emotions – Neutral. Haven’t slept the whole night. It’s 5 am in the morning on a Monday.

Entry: 0.86444 | Stop loss: 0.857 | Target Profit: 0.9

Trade Management

gbp1Referring to the 1H, entry was late. And then now it might be considered too early. If I had waited, would have gotten a better price and 4 times cheaper spread.

Exit

gbpStopped out. Classified as a bad trade definitely.

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