FX:GBPUSD   British Pound / U.S. Dollar
Price has reached a key level area correctively and also have formed a reversal pattern (i.e. Ascending channel ).

Price has broken the higher time frame structure as part of mass psychology to get everybody at the wrong side of the market. This is excatly what I am looking forward to take the trade short.

Keeping in mind the daily has formed an bull flag and most likely the price is going to head short to form the 3rd touch as part of pattern completion before continuing the HTF trend.

Over all the setup that has formed a in line with my trading plan.
Comment: Just to add extra confluence, i can see a pattern with in a pattern forming (i.e. ascending channel) which adds more probability for short set up
Comment: Keeping a close watch on the pair and daily has formed a hanging man candle at a key level area which suggest that the bullish momentum has been exhausted and there is no change in the pattern so far.
Its forecasted to be going SHORT soon.
Trade closed: stop reached: Price has tagged us out for a full -1% loss.

It has not changed anything structurally hence my bias for short is not changed.
I will still be looking for short entries but this time the only change is will wait for the break of the rising wedge pattern and then enter on the 15m correction.
Comment: This is only an Update of what had happened to the trade setup.

Even though I have been tagged out of the trade early enough price still move in the forecasted direction.

Lesson learnt is:- Its a probability model its just that we have an edge to the market to have an idea that market is about to reverse. Its just that we dont know when it could happen.

Even though I was not able to capitalize on the move I am over all happy with the trade and risking only 1% of my account.

Will wait for another opportunity as there is always more chances in the market.


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