Hello everyone,

I have just closed the trade I had opened from yesterday on GBPAUD based on a 4H time frame which has just hit my trail stop at breakeven levels. The setup was basically a double bottom breakout in the direction of the main trend with a subsequent typical breakout, pullback, continuation pattern. As I teach on my Forex trading course, breakouts in the direction of the overall trend is one of my favorite trading strategies with proven results over time despite the fact that this very trade has yielded no results.

I still believe that from a general point of view the setup is still valid since we have the 3SMAs and the down-trendline still in place, so I will probably keep an eye on this currency pair tomorrow for new possible entries. At this time, the London session (the session I actively trade) is about to close and therefore it’s a little bit late in the day for me to seek for new entries.

I am a tad disappointed with this trade because it certainly looked like a winner, having gone into profits for +80 pips at one time (I was aiming for a +200 pip run on this one), but my experience tells me that it’s better to be slapped out of a winning trade than letting a winner turn into a loser, so I believe that I took the right decision trailing my stoploss down despite the final outcome of the trade.



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