Short

Short on Cable

Updated

Hello traders. This is my current view on GBPUSD. I trust in waiting for bearish signs before going for the position so I might wait until it plays out and then find an entry similar that of the second one so we will see how it goes. Danko!

Trade active

Tapped me in at the top (Entry A). What I'm expecting to happen is for the market to retrace back up a bit then that's when I will bring my stops to break-even after the retracement and break of the newly formed low. I might also add a second position (Entry B) if the market goes like I see it.

Note

What to keep in mind about Entry B is that it's an entry after the first impulse from the supply. So what is happening right now is simply the first rejection from the supply level, I will then wait for a weak retracement to the upside then an impulsing move to the downside. Entry B is when the second impulse breaks the low formed before the retracement.

Note

I might look to enter another short if the market breaks 1.2665, but then its Friday so Ill see how that one goes haha.

Trade closed manually

I am closing 80% of my position. I see theres news coming up, I don't know how much of an impact they will be or researched what they mean for this pair so might as well protect most of my profits. Took 80% at 1.2667.

Note

And my stops are at around 1.2690 (in profit)

Trade closed manually

Closed all positions. You folks have a wonderful weekend, see you on Sunday. Cheers!

Note

Re-entered this at 1.27075, SL at 1.27393 (Same as entry A sl) and targeting 1.255

Note

If it goes well then I will be looking to close most of my position at around 1.2615

Trade closed manually

Position closed manually. I will be waiting to see if there is some bearish pressure before looking for any positions. At the moment I am neither bullish nor bearish.

Note

I made this decision because of the possibility of DXY heading to levels such as 102.5. Only time will tell.

Note

I will start looking for positions once GU breaks the low at 1.26868. At the moment I've just stepped back, waiting to see what happens.

thebasiqtrader

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