EURGBP LOSS

EURGBP LOSS

22nd February 2019 contacttf

All currency trading is done in pairs. Unlike the stock market, where you can buy or sell a single stock, you have to buy one currency and sell another currency in the forex market. Next, nearly all currencies are priced out to the fourth decimal point. A pip or percentage in point, is the smallest increment of trade.

I took the trade because the current market sentiment is bearish for EUR and Bullish for GBP.

Taking this into consideration, I looked for potential short opportunity.

Using the Ichimoku cloud, I mapped the resistance point.

RSI on 5min was perfect, however 10min and 15min were out of sync.

In hindsight I should not have taken the trade.

I got stopped out before I could register my post on social sites.

DEFINITION of 'Tenkan-Sen' The mid-point between the highest high and lowest low of a particular security calculated over the past nine periods. The Tenkan-Sen line is the conversion line used specifically in the Ichimoku Kinko Hyo (or Ichimoku Cloud) equilibrium charts.