GBPUSD +3pips

I had not done any trades yet as I rather come to my own conclusions based on my analysis. When the schedule permits, I'll watch a live session, otherwise, I'll watch after I've done my own analysis, especially with the market reviews.

Anyhow, this week I was determined to start demo trading if I found a set up as I'd seen I'd gotten better at analysis and seeing where price could potentially go. I should have recorded this every step of the way as hindsight is 20/20 but I'm going to try and do my best recollection.

This is what I was seeing at 10:45PM Eastern Time:

    

I know it's Asia but USDX looks bullish to me as it's respecting a -OB, market structure was broken on the upside, and since I play semi-pro soccer and we practice in the mornings I know I can't be live at 7am, and I didn't want to get up at 3am, as I also work 10-6. This might be my schedule for the foreseeable future so I said, you know what, I might need to learn to choose my set ups in Asia and have a short-term focus rather than an intra-day one (which is what I would prefer).

I looked at CAD, and had no idea where it could go. EUR wasn't sure where to go short so I passed it and then came to see this in GBP:

  

Which looked bearish to me and would go hand in hand with bullish USDX. I looked for EURGBP for extra confirmation and I read it wrong:

  
I saw price close below mean threshold of +OB, and thought that meant GBP was stronger, but still screwed up thinking it confirmed my idea.

Anyway, I'm feeling nervous because I don't want to be wrong, then I remember I'm here to learn and that this is practice, it's demo, and this will remove those feelings so I decided to place a SELL LIMIT order because I'm thinking they will Turtle Soup to take out GBPUSD stops highlighted in the picture and then drive the price lower as USDX goes higher.

I chose 1.2450 for the sell, with stops at 1.2475 (25 pips, to give an extra cushion for the 10-20 pips they like to run stops with, and also bottom of a -OB but mostly, if it's a turtle soup, it shouldn't get that high anyway). 
The account has $5,000 and min size is 0.10, so that's why I took since it's demo, and when I start live, it'll probably be with $1000. 

I had the following targets in mind: 1.2380, 1.2360 and ultimately 1.2345 (getting out early to get the fill, of course). I got up at 6:15am to get ready for practice and saw this:

  

I wanted to take out a portion off, something like 20% to get paid but unfortunately 0.10 is minimum lot size in this platform. So I moved my stop to 1.2447, and went to practice. When I returned it had run past that on the upside.

Conclusion:

I was wrong in my analysis thinking it was going to go lower, and misread EURGBP. EURGBP was saying: EUR weaker, GBP stronger. Nonetheless, I was in profit so maybe I should have closed the entire position? I didn't realize I was wrong at the time of course, so closing a portion there at 35 pips or so would've been great. Also, I need to set alerts when my price is about to get reached to get some stuff out.

Not sure about the initial stop loss, but I think it makes sense, and I was ultimately looking for 2R, 3R and 4R along the way. 

Though I'm a bit disappointed it didn't pan out, I'm glad the trade didn't lose money and even though the reasoning was wrong, I followed a plan of action. 

This just shows I have a lot more to learn and I look forward to continuing on this journey.