Last week has been an interesting trading week as I have only entered the market 4times. Spotted a potential reversal on GBP and decided to hedge on it against the Australian dollar. Monthly Chart showed that market is in a bearish trend and current price action shows that market is testing key level / reversing from key level.
Price action on the Weekly Chart shows that market is in a short-term bullish trend and is currently retesting key level (see if there is a strong amount of sellers). What encourage me to find a bullish entry was the formation of a Doji last week ; Proving that the bear strength has been reduced drastically.
Market start reversed on key daily level with a strong engulfing bullish candlestick. Parallel channel showed similar price action reversal on the Daily Chart. In order to reduce risk amount, I’ve decided to trade on a bigger timeframe as there were many news release with regards to the GBP last week.
Entered on the break of previous bearish price action with a RR of 1:3.
Hopefully all that traded the GBP or USD were profitable! Cheers