SL on 1.56800
16:10 price borke Last bottom now i will start to def position closer.
15:30 What im waiting for now - correction till 15min slow DT will give another sell signal than i will move my SL over high of that move.
15:10 SL for long term positon moved over same high in which shorter was closed. High for me is good market both on chart and on DT oscilator. And i cannot give back whole 60pips gain leaving SL where it was.
So SL moved 1.57245
Important lesson for me:
Look on price - max was 2,4pips below my SL - all was ok - avarage spread on my brokers is not higher than 1 max 2. But there were news - spread went wider for seconds and my postion was closed.
What can be done - its not so easy. We can say - dont move SL before news.
Yes but what if news would move price 30 or more pips higher. We would say - not moving stop loss was stupid. So there is no golden rule - but i should have this SL 2-3pips higher to avoid spread wide. But of course it could close anyway. Welcome on Forex - nothing sure here.
BTW - thats why on my blog every day plan will be opened by news calendar from ForexFactory - and im doing it for long time. Everyday first page - FF calendar ;)
13:30 1st position closed at SL. +34pips SL - 14pips.
14.21 Just like i said im defending short term position after reaching minimum correction level closer - 5min faster DT made sell signal i putting SL on last top: 1.57245
Btw i know its boring, no color indicators, analysis and analysis - but yes - trading is 1 of most boring jobs and 1 of most exciting jobs - u never know what happen.
Sometimes i even dont like weekends ;) (maybe because my wife make big clean of house on every Saturday morning) but anyway i love this boring job.
13:30 Time for potential targets analysis:
For analysis of potential targets I did 2 projections.
First is length of wave 1 from point 2
Second is revers projection of wave 1-2.
Groups of Fibo are marked on blue.
Min is minimal correction move. If somthing happen on this level i will try to def there short term position.
Other 3 are on: last low -You can see there 61.8 level of wave 1.
Last 2 are below those low and there if my long term position get there i will def it v close to market price.
13:10 SL moved to 1.57575 - due to sell signal on slow DT in 5min TF. Its defending of position - valid sell signal is when i have cross on DT in sell zone - but i prefer to def positions faster
11:34 Sell signals on 1h and 5min. Positions opened. at 1.57593 SL 1.57730 SL 14pips
10:55 GBP/USD
My last GBP/USD position plan was opening short on C because of starting new trend. Now we are after 1 wave. I will try to catch top of 2 correction wave to go down with wave 3.
It can be done in 1 of Fibo levels (marked blue).
It will be a little more risky position because i have just 1 fibo retracement.
Plan as always - w8 for sell signal on fast DT in H1 TF, than go to 5m and open position while i get sell signal on slower DT.