GBP/USD "Cable" Accumulation

Mar 15, 2021

I can see a large 4HR Accumulation on "Cable" This is the Wychoff Accumulation 1 schematic. I have setup 2 different trades one targeting the initial break of the descending trendline and the other is targeting the previous weekly high.

Mar 17, 2021

Trade active

Shame my initial LPS was placed a bit high so my first entry hit SL. However, I re-evaluated the setup and saw the opportunity to enter another long with a better Risk : Reward ratio. This trade is almost now at the 1.4000 TP and I have just taken 60% of the profit off it which has covered the initial loss from the first early entry. Plus I have 40% running for the TP which is all extra profit.

Overall, this trade played out well I learnt to manage and not rush my entries as much and try to enter below the 50% level within the range so my entry price is on "Sale" as such.