Forex

Forex $1 MM Challenge – Trade #6 (2-26-19) Bought EUR/GBP

The Brexit saga continues. Prime Minister Theresa May said that if no deal is agreed and if a no-deal exit is rejected, then there could be a short extension to the date for Britain to leave the EU. On that news, the British Pound hit a high against the Euro not seen since May of 2017. And on that news, I decided to buy the EUR/GBP.

Monthly Chart (Curve Timeframe) – Monthly demand is at 0.83500 and monthly supply is at 0.94000

Weekly Chart (Trend Timeframe) – the trend is sideways and has been sideways for the past 18 months.

Daily Chart (Entry) – the entry was made after price breached the first daily demand zone and pulled back after penetrating the second daily demand zone.

Here’s a closer look at the daily demand zones.

I was stopped out about one hour later, stop loss was definitely too tight. The stop should of went below the 2nd daily demand zone. Again, I need to work on given these amazing set-ups a chance to work. These are the set-ups that take weeks to occur.

It’s a simply equation that I will figure out…tighter stops, more stop outs, higher reward to risk or looser stops, less stop outs, lower reward to risk.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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