Forex Price Action Baby, No Technicals or Fundamentals...Trade #3 - Sold GBP/AUD (2/6/19)
10,000 Ft View - 4 Hr Chart
Zooming In
This trade was over even before it started. The entry and stop is 25 pip wide. The entry occurred right before the day session ended at about 4:48 pm. I was stopped out 25 minutes later, when the next day's session started. The issue was at the beginning of any forex day, there is no liquidity. Thus, the spread on this pair at the beginning of the session was 20 pips. Normally, the spread is 2-4 pips. Thus, I didn't even have a chance to be right.
The set-up had somethings going for it. Like the pivot within the purple circle indicating sellers above and price break down and through what was some demand (yellow circle), but nevertheless the set-up didn't work out...on to the next.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Stop trading forex.It's a hoax.Forex brokers are in most cases the counterparty of your trades, so they just wait for the right moment to open the spreads and stop you out.Unless you can afford the risk capital to trade in normal markets (exchange traded futures-options)you will keep finding yourself in unpleasant situations with forex and cfds.