GBPUSD: Fighting my bias
Updated
I don't want to long the dollar right now, and many of my trades are centered around strength of commodities, oil, equities, so a dollar long, pretty much would rain on my parade.
Now, I also don't want to be exposed to strongly correlated trades only, and not diversify, and I definitely don't want to trade with blinders on, and avoid taking good trades due to my personal biases, whatever they might be.
So, I play Devil's advocate for a bit here, and try to decipher the GBPUSD chart.
I'm looking at the GBPUSD and inverted GBPUSD weekly chart here. It appears like relative strength has been bad for the Pound and recent news about the Brexit 'implementation' have hurt Pound bulls considerably, making the bullish technical setups we had fail.
I see we have a weekly time at mode signal in play, a weekly range expansion bar, and a huge downside (or upside target in the case of the inverted Pound chart).
I'm sure this is a stupid trade, so probably, it a good one to take.
What are your thoughts? Leave your comments behind.
Good luck if you follow my idea.
Cheers,
Ivan Labrie.
Now, I also don't want to be exposed to strongly correlated trades only, and not diversify, and I definitely don't want to trade with blinders on, and avoid taking good trades due to my personal biases, whatever they might be.
So, I play Devil's advocate for a bit here, and try to decipher the GBPUSD chart.
I'm looking at the GBPUSD and inverted GBPUSD weekly chart here. It appears like relative strength has been bad for the Pound and recent news about the Brexit 'implementation' have hurt Pound bulls considerably, making the bullish technical setups we had fail.
I see we have a weekly time at mode signal in play, a weekly range expansion bar, and a huge downside (or upside target in the case of the inverted Pound chart).
I'm sure this is a stupid trade, so probably, it a good one to take.
What are your thoughts? Leave your comments behind.
Good luck if you follow my idea.
Cheers,
Ivan Labrie.
Note
Despite my gut feeling, this trade is in profit. Almost the same distance as my stop now, and almost no drawdown from entry. This is why it's good to check inverted charts, and asess if you have a bias, or a strong feeling regarding something...or if you'd mock someone for taking a trade. That trade is probably going to work, and you'll be sorry if you mocked it.Note
Bam, nailed it. Holding, risk free...already closed half anyway.
Note
Before this, OANDA and FXCM data showed 85% longs in GBPUSD. :/Note
Target: 1.11984Note
I added a 0.5% risk entry short here, stop 1.26155, last: 1.23652Trade closed manually
Covered for now at Exit GBPUSD short - 1.23858Note
Always good to go against your gut.
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