(+190) week10 GBPCAD channel break wr4b. One countertrend trade which was done right


This was a demo trade as previously I was still hanging on to CADJPY short and hard to change my mind to get into a live short position.

But I was still happy that I shorted this knowing that it looked like only going down.

Channel broken, with a WR4b. This channel was very symmetrical and nice. And previous day close was a decent close although a bearish day close expansion would have gave me high conviction to go short.

I was using a slightly revised charting format and from line chart version it seemed that price found support turned resistance.

week10 GBPCAD h4 wr4b channel broken 040315

Trade outcome

Post CAD news, price plunged straight to neckline. I suspect that a right shoulder might be formed, so I have set TP at neckline area to exit trade. This trade is about understanding the construction of consolidation for flagpole, and trading the wave as countertrend leg.

I feel that I am always on form and mostly right in direction when I follow my setups and trade on edge.
My worst enemy is when I jumped from random levels which sets me back when price retraces back and leaves those position stuck in the middle of no man’s land. If I can restrain myself, I can always trade from the most tactical level and hence feel comfortable.

I have only myself left to beat.

week10 gbpcad h4 neckline reached 050315


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