H&S Trade Diary: 1-4
Another trade down, but the score’s static after our breakeven (+2) trail was triggered on GBPUSD: +0.07% / 2 Pips
This pattern had a deformed left shoulder and ascending neckline, but at least it wasn’t a loser:
Neckline broke with the bar close again so no need to drill down – shorted right away at 1.4492. Pair chopped back and forth a bit before hitting our 1:1 breakeven level over night. Moved stop to breakeven +2 the next day and was trailed out shortly thereafter. Pair would have hit our target eventually, but not before spiking into our stop … so loss was avoided on this one, courtesy of the breakeven trail.
Points Of Interest:
Pair did move 40 pips in our favour allowing us to lock in breakeven +2 – perhaps a more aggressive trailing system would produce better results?
OG H&S: 1
6 trades down and the score’s still 1-4 … stay tuned for more.
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