(+60, +40) week24 EURGBP D1 shooting star and concept of reactionary move

in the past, I was taught and conditioned to look and hold for long trades. Overtime, I saw many a times when my profits waxed and waned , and I oculd not book much profit when price came back to near breakeven level.
I have since adapted to book my profits when it is of a good bulk, either by absolute $$ or a considerable of pips , eg.100 pips.


This trade has a very nice resistance confluence. First noticed in week23.
week23 EURGBP D1 pivot construction 050615

D1 Shooting star is effective
I find very good and consistent success in trading off d1 pinbars. This is even more so in the context of strong resistance.

week24 EURGBP D1 shooting star 100615

trade outcome
week24 EURGBP h4 tp1 100615

Reactionary Move
I will also like to continue to document the phenomenon and power of using d1 line chart as a key trading component. In this case I could use it as an area/level to take profit, although I have long ago booked my profits.

week24 eurgbp d1 reactionary move from d1 line chart 130615


Overall I am developing and concretising my understanding of line chart. I was introduced to the notion of reactionary move. While I had probably some concepts of it, it was not made known explicitly to me. I shall now try to work it as part of my trading components.


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