Pound sterling has been in downtrend for a while. As all fundamentals point to stronger pound, this should be a good opportunity to enter long position. From technical perspective, all elements are in place. Trend has made higher low and retraced less then 50%. The only concern would be worse then expected PMI this morning. Unfortunately I didn't not check for news or researched the market before. I entered this trade.
Date: 10/05/2015
Pair: GBPUSD
Price: 1.5140
Trade: Buy Limit
Lot Size: 0.08
Stop Loss in Pips: 60
Take profit in pips: 100
Risk of Equity: 2%
My Trading Checklist
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: Yes
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Risk On
Is this trade with the trend?: Yes
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: Yes
Am I selling resistance?: N/A
Is this entered during London's session?: No
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: Yes
Where is the price in terms of Pivots Points?: Support
pro-forex-trading.co...2015-longgbpusdlong/
Date: 10/05/2015
Pair: GBPUSD
Price: 1.5140
Trade: Buy Limit
Lot Size: 0.08
Stop Loss in Pips: 60
Take profit in pips: 100
Risk of Equity: 2%
My Trading Checklist
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: Yes
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Risk On
Is this trade with the trend?: Yes
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: Yes
Am I selling resistance?: N/A
Is this entered during London's session?: No
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: Yes
Where is the price in terms of Pivots Points?: Support
pro-forex-trading.co...2015-longgbpusdlong/