Long on the GBP/USD
I put limit buy order on 38.2% of move as You should know it’s fibonacci numeber . IF You follow my blog You should know that i trade with 30 pips SL. So lets analysis this trade. Trend on 4h it’s strong up. See chart below.
So You see nice spike up and then pound is pulling back to 50% or 38.2%. Putting limit buy order on 50% or 38.2% is not that smart becouse it’s preaty big move and You have to use large SL that i’m not interested in. So when i see move around 100 pips than i weited for pullback down and get in on 38.2% of 100 pips move. chart below.
My order had been activated at first circle and at second i manualy got out. So i took 40 pips profit
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