GBPUSD 1H - Sell the breakout
Updated
Hi everyone,
Following my previous trade, in the 4 hours chart, the pair acted according to the plan. If you read that one, there are still targets further down and you know the reasons behind that trade, still active.
Now, zooming in, in the 1 hour chart, in my opinion there is a bear flag formation, which has been bouncing in the edges around 5 times, so it is likely to break down. I will wait for a short time frame candle to close below the flag and an increase of volume, so there is not an exact short entry point, but would be around 1.29950. I will not execute this short time trade if I do not see a closure below the bear flag.
The target, a bit before of my next identified support level.
Short entry: 1.29950 (Aprox.)
TP1: 1.29316
TP2: 1.28867
SL 1.30624
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Following my previous trade, in the 4 hours chart, the pair acted according to the plan. If you read that one, there are still targets further down and you know the reasons behind that trade, still active.
Now, zooming in, in the 1 hour chart, in my opinion there is a bear flag formation, which has been bouncing in the edges around 5 times, so it is likely to break down. I will wait for a short time frame candle to close below the flag and an increase of volume, so there is not an exact short entry point, but would be around 1.29950. I will not execute this short time trade if I do not see a closure below the bear flag.
The target, a bit before of my next identified support level.
Short entry: 1.29950 (Aprox.)
TP1: 1.29316
TP2: 1.28867
SL 1.30624
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Trade active
Late update, sorry. Going good.Trade active
TP1 HitTrade closed: target reached
TP2 hit :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.