August 04, 2020 | +28 Pips| Short Term Trading

#1
GBPUSD is still in an uptrend and as lots of traders went short around 1.305x, we may see a nice squeeze today.
On the H4 chart we can see that this does not like the price will rollover. At least not right now.


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On the M30 chart we can see that the price tried to break out to the upside three times before London opened. My idea was to wait until London open and use a short term ProFx signal to go long.


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I started with half size only because when a break out at the open fails it gets often nasty because everybody who went long tries to close his/her position at the same time. As result the price drops very fast.

Once I was sure the trade works I moved the SL from the first trade to break even and added more size.


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I started closing when the momentum slowed down. I had the idea to keep a small part of the trade in case it keeps moving up but unfortunately did not follow my plan and closed the rest when I thought the move is probably over.

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Alexander
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