+【9/14 GBPUSD Pound Dollar】(446)
9/14 GBPUSD Pound Dollar
History up to the entry settlement and rationale
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Environmental recognition
4h,
After MA breakout, pullback suppression, after orange support/Bands breakout pullback suppression, setup for selling on the pullback
1h, during MA convergence high has been lowered, since it is supported from below the MA and hits directly, I would like to see a real body confirmation or a small further drop
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Daily, after MA breakout resistance, after orange support/resistance breakout, pullback suppression
15m, after it rose and then fell, the recent morning low differs by broker so ignore, since morning low hasn’t been decided yet, near the white line it would be ideal to rebound and after the day’s low is set, re-lower the high and break through next entry
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Entry screen ↓
12:00, after the rebound the high was broken through the neckline, during the rebound I had set a stop-entry order which was triggered and I entered
SL can be recognized on 1h as a high above, up there
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At 3 PM European initial move, a sizable bearish candle drove prices down, and since I don’t trust the fast rise and fall in the European initial move, when it retraced I took 1/4 profit, and moved the remaining SL to just above the small retracement high before entry to reduce risk
Multi-timeframe profit-taking positions will be organized at the end.
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Another step down, take another 1/4, and after a strong rebound, take another 1/4 profit.
This area has reached the daily four-hour support band. I will summarize at the end.
Move the remaining SL to exceed the retracement high after entry; since it's almost at the break-even point, I do not seek small profits and move to break-even.
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Finally, in the 15m, moving to a position where profits from the run-up are small, prioritize profit-taking with SL moved to a level that reduces risk, and order filled. Break of the double bottom neck.
Profit-taking positions and stopping points are,
Daily orange neck line, 4h also reached a low.
I was cautious of a rebound around here, taking partial profits and, finally, closing with a Dow-type decline where the unrealized gains were small.
The higher timeframe of weekly and monthly was also turning into support.
That is all for now.