5 thoughts on “GBPAUD Buy EOD trade setup – please evaluate yourself

  1. I thought I should share this with those who are like me and might have hit a stop loss on
    this trade. It must be noted that for me this was a good trade.

    I went long (took the power play) on this trade on Sunday night two days later I moved my stop
    loss few pips below Tuesday’s bar. Today (04 June) price move down and hit my
    stop loss.

    I did some more analysis to investigate why I lost this trade. I thought perhaps it’s
    because of the news as there was AUD news at 03:30 GDP q/q and this was around the
    same time price hit my stop loss.

    I then drew a Fibonacci retracement from 1.78345 level to 1.83365 level and I realised
    that I should have anticipated that price had the potential of moving down a little
    bit then up again and perhaps I should not have moved my stop loss.

    Another thing I noted is that there could be a setup today(04 June) depending on
    how today’s bar closes and I will still be targeting the initial target or few
    pips above that.

    I still agree and maintain that this is a good trade to take to the upside.

    I hope my analysis is correct Adam?

    Any comment will be appreciated and from anyone for that matter. 🙂

    • Hi Lebo,

      Exactly, thank you for very good feedback and analysis. The original setup was a good setup- if one looks at every one of the 4 trade setups I posted, each one has had the exact same strange reversal and/or hesitation- this is more indicative of the market in general. I do still anticipate that the trends will continue. For everyone reading this, please note the following: Have you ever had a trade setup that triggered you in, then stopped you out, then carried on in the original direction? If yes, I use this was to manage my stop- you can try it, or backtest it, to see if it works for you too. Basically, I do not move my stop, until price has close a significant distance away from my entry in profit. So, I leave my stop until I get a large bar that closes well in profit. These days, the bars tend to trigger us in, then waffle around for 2-5 bars, then start to move away. I don’t move my stop, until I see bars starting to head off- THEN I update my stop behind the latest large bar. I find that if I leave my stop in the original place during this ‘shake-out’ period, I’m often still in the trade, but it takes more patience.

      It does indeed look as though GBPAUD is setting up again tonight. Hope this helps.

  2. Depending on where your stop loss was or is, you’re still in the trade, or been closed out at breakeven, or with a small loss. As per EURAUD, this chart still leans toward the bullish side, but refuses to actually move (TREND) properly.

  3. Hi Adam

    I took this trade and the AUDUSD short trade that unfortunately has stopped out.

    The GBPAUD long isn’t looking good at the moment, so I was just wondering if you recommend closing the trade now at a smaller loss, or just waiting for the trade to play out?

    Thanks Peter

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