GBY/JPY – short opportunity

And I went long

I’ve posted numerous profitable sessions, so I need to be balanced and post trading that was not done according to our standards.

Looking at the last 15-17 candles on this 15 minute chart, the pin bars and bullish breakout that closed above the mid band showed strength and I tried to scalp on the 5 minute chart. I also moved my stop loss order lower after looking at some Fibonacci levels. It didn’t work out very well.

The mid band in a downtrend is potential resistance, there was a good short available. Avoiding things like this is will substantially improve performance.

Advanced traders might consider not taking a stop if their analysis revealed an opportunity to profit or break even. However, this has to be weighed against missed opportunities elsewhere.

 

gbpjpy-m15-noble-services-ltd

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s