Live GBP/USD Backside Short – Trend Trading Strategy

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<h2>Analysis</h2> </div>
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<img width="900" height="459" src="https://www.daytradingforexlive.com/wp-content/uploads/2022/03/PIC-1-1024×522.png" class="attachment-large size-large wp-image-16878" alt="" loading="lazy" srcset="https://www.daytradingforexlive.com/wp-content/uploads/2022/03/PIC-1-1024×522.png 1024w, https://www.daytradingforexlive.com/wp-content/uploads/2022/03/PIC-1-300×153.png 300w, https://www.daytradingforexlive.com/wp-content/uploads/2022/03/PIC-1-768×392.png 768w, https://www.daytradingforexlive.com/wp-content/uploads/2022/03/PIC-1.png 1131w" sizes="(max-width: 900px) 100vw, 900px" /> </div>
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<p><span>The 1^st of March creates a valid 1^st pushdown, and at the end of the day, the daily-low forms a level of support (1.3302) which becomes valid for a trade once the price bounces at least 30% of the ADR.</span></p><p><span>Since we have a bias to the downside, I was only looking to trade the backside of 1.3302 after a valid clean break. This scenario took place as expected; price creates the clean break of the 1.3302 level with two 15 min candles open and closing below the level. At this point, all that was left was to wait for a <a href="https://www.daytradingforexlive.com/nzd-usd-backside-trade-feb-9th-2022/">valid backside continuation setup</a>.</span></p> </div>
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<h2>setup</h2> </div>
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<img width="900" height="548" src="https://www.daytradingforexlive.com/wp-content/uploads/2022/03/PIC-2.png" class="attachment-large size-large wp-image-16879" alt="" loading="lazy" srcset="https://www.daytradingforexlive.com/wp-content/uploads/2022/03/PIC-2.png 955w, https://www.daytradingforexlive.com/wp-content/uploads/2022/03/PIC-2-300×183.png 300w, https://www.daytradingforexlive.com/wp-content/uploads/2022/03/PIC-2-768×467.png 768w" sizes="(max-width: 900px) 100vw, 900px" /> </div>
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<p><span>Price came back into the level, creating a valid stop run on the #1 candle and resetting the count on the next #1 candle. The trade then confirms with the 2^nd candle on the count, closing over 20 pips from the high. Since we had an average daily range (ADR) of 100 pips, I set my entry at 15 pips from the high of the formation for a 20 pip stop loss. Price now must pull back to that point to trigger my entry, which price did on the 4^th candle in the count.</span></p> </div>
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<h2>trade management</h2> </div>
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<img width="804" height="453" src="https://www.daytradingforexlive.com/wp-content/uploads/2022/03/pic-3.png" class="attachment-large size-large wp-image-16880" alt="GU Short – March 2nd 2022" loading="lazy" srcset="https://www.daytradingforexlive.com/wp-content/uploads/2022/03/pic-3.png 804w, https://www.daytradingforexlive.com/wp-content/uploads/2022/03/pic-3-300×169.png 300w, https://www.daytradingforexlive.com/wp-content/uploads/2022/03/pic-3-768×433.png 768w" sizes="(max-width: 804px) 100vw, 804px" /> </div>
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<p><span>There was not much trade management on this setup as the same candle that triggered the entry moved straight to hit my stop loss on this trade.</span></p><p><span>Now and then, you get a trade like this, and it is easy to begin to second guess your entire methodology. I would advise avoiding that thought process, as you can always review your setup and see that you stuck to your playbook. If everything is correct according to your <a href="https://www.daytradingforexlive.com/the-importance-of-a-trade-plan-intelligent-forex-trading/">trading plan</a>, then all you have to do is focus on your next trade, as losses are part of the process of profitable trading.</span></p> </div>
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<img width="659" height="17" src="https://www.daytradingforexlive.com/wp-content/uploads/2022/03/pic-4.png" class="attachment-large size-large wp-image-16881" alt="" loading="lazy" srcset="https://www.daytradingforexlive.com/wp-content/uploads/2022/03/pic-4.png 659w, https://www.daytradingforexlive.com/wp-content/uploads/2022/03/pic-4-300×8.png 300w" sizes="(max-width: 659px) 100vw, 659px" /> </div>
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<p><span>Interested in learning more? Check out our</span> <strong><a href="https://www.daytradingforexlive.com/day-trading-forex-education-course/">Advanced Bank Trading Course &amp; Live Training Room by Clicking Here</a>.</strong></p><p> </p><p><span>-Kevin</span></p> </div>
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</div><p>The post <a href="https://www.daytradingforexlive.com/live-gbp-usd-backside-short-trend-trading-strategy/">Live GBP/USD Backside Short – Trend Trading Strategy</a> first appeared on <a href="https://www.daytradingforexlive.com">Day Trading Forex Live – Advanced Forex Bank Trading Strategies</a>.</p>