Just a quick update to show how this trade is going so far. There was a little bit of a base that formed here. With the U.K. rate meeting at the BOE coming up this week you would be well within your right to take profit on that bounce because the 4hr MACD was turning up. The technical exit is at the stop red line. There is plenty of downside potential but you might have a few goes at it on the way down. Nobody ever went broke taking a profit. That is the number one rule of these trades. We are only interested in the meaty part of the trade. We are not about picking tops and bottoms.
Trading is not about coming home from work and spending a couple of hours looking for a trade. This is why 95% of people fail at trading. They just don’t understand what trading is about. If you manage risk and look for setups well ahead of time, even with a small account you can be quite successful. If you learn bad habits from the start you will find it very hard to break them.
The key is trail the stop down and leave it be. Don’t sit and stare at it. Let the method do the work.
EURGBP weekly is on the support. If it breaks below next week there can be a push down the kijun sen. Lets see.