5th of March 2021 Identify, plan and trade: It's important w | Blueberry Markets

5th of March 2021

Identify, plan and trade:

It's important when looking for a trade to follow a strict plan.

IDENTIFY: We have identified GBPUSD in line with our reversal strategy.

PLAN: The recent USD strength has provided a short opportunity on the GBPUSD. The daily candle closed as a bearish engulfing candle suggesting we could see a lower high and a bearish impulse.

TRADE: We will place a SELL LIMIT order at the previous daily candle low with stops above the highs. If this trade does not trigger by the end of the trading day cancel the order.