GBPUSD short trade on 16/1/25
Pre-Analysis:
- Currency strength meter GBP = -7, USD = +5
- Risk $10, target 2R profit.
Entry:
- Entry time 4:34pm (second trade in the chart)
- Scratch trade at around 5:30pm time.
- As strength meter show GBP gaining significant strength, I decided to scratch this trade.
- Price did drop a little bit after I have scratched trade but reverse back up and will trigger my stop if I stayed in trade.
- Decision to scratch was correct.
- I'm in a state of euphoria after winning trade in the Asia session, this give me super confident to take this trade.
- Look back at immediate strength meter, there was not a significant difference between GBP weakness and USD strength, therefore I should not take this trade if we look in hindsight.
- Lucky to lose minimum amount.
