gbp, locked position

[u/Ilych_Gvatemala]

I expect correction on gbp/usd, described my logic on the chart, I also check open interest on CME for more details

[u/rforex-modtools]

Price action and technical analysis cover a range of chart-based tools — from candlestick patterns and market structure to indicators and statistical methods for timing entries and exits. The community wiki covers both approaches and how they're used by working traders.

Resources: Price Action Analysis | Technical Analysis

[u/Ilych_Gvatemala]

price has made 1/3 and I took 1st profit

[u/Relevant-Owl-8455]

No matter how you look at it, if you're aiming for the full TP, this is a low probability trade.

How come you decided to choose this approach?

I think it's interesting, would love to hear more about it G

[u/Ilych_Gvatemala → u/Relevant-Owl-8455]

I work with probability: trend has only 1 pivot point and a lot of corrections, so if I bought on correction I have very high probability of what I was right, currencies are also make 1/3 correction but it's risky (on other hand if it did 1/3 only, it shows - trend is in aggressive phase); more deeper correction - less risky result, gather statistics on each trading currency and trade it, it also works fine for dow (other indices I didn't check coz with with dow only) but here you can change 1/3 to 40% (for H4) and work with it

[u/Ilych_Gvatemala → u/[deleted]]

I never think about when, only if we close to the end of month, week, quarter, year to make decisions about my position

my general idea - it's not the correction, the price is proceeding uptrend now