10th of March 2021 Identify, plan and trade: It's important | Blueberry Markets

10th 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 trend strategy.

PLAN: The GBPUSD has re-tested a key resistance level and formed a high-test candle. This shows us that sellers have rejected the higher prices. With price being in a downtrend this could offer a trend trading opportunity.

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