GBPUSD - Wave 4 > 5 - Part 2

After Fridays trade which was stopped out, I've been tracking this potential Wave 4 to 5, and seems to be bearing up for a potential entry at some point later today (short entry).

@12.46GMT
Sell Stop 1.46340 Target 1.44822 - 150 points.

Update Friday 14th May

I had been tracking this move all week looking for movement between wave's 4 and 5. Firstly on the previous trade (part 1 just below), this trade should NOT have been taken because of the volatile day (UK General Election and it was non farm payroll day in the states).

So a bad decision by myself and a recipe for a loosing trade, again another reason why stop losses keep you in the game.

Keep your loosing trades short, Crucially find tight entries and let the winners run!

Anyway, as I said before I was looking for another go at the wave 4>5 completion, and a potential entry point. After watching a retrace for most of this week, the move started to materialise late yesterday afternoon (Thursday 13th@16.40pm), I had placed a sell stop order below the market where i though price would move to, this proved to be risky as it knocked me into the market then retraced 60pips before moving back down.

~Note To Self~
Better Entries !!!!! Don't enter at the outer extremes of the Bollinger Bands !!!! Look for the retrace and some confluence closer to the center or the opposite band, depending on where you think the market is going.

(Confluence look for Good Entries cant stress this enough.)

So I was in the market, it then moved in my favour late on last night and into the early hours of this morning. I was +60pips during the night when i was asleep, however again it retraced back to my entry point by 8am in time for London open where I was stopped out at break even.

Will post update later on as market moves today. I have a feeling that my targets will be hit today all because of poor entries.