GBPUSD FIB for down move

Entry order placed for the SHORT @ the 61.8% FIB.

Risk Reward ratio of 1:4

Trade active

Entry order reached and trade active.

Note

Moving Stop to 1.2485

Note

Because high impact news is coming out in about an hours time, I will move my stop to 1 pip below my entry level. 1.2469 just as a precaution if price gets spiked upwards, I don't think this is the case, as I still believe price should go down and break the low of the Y-wave, but rather no profit, than a loss.

Trade closed manually

Trade closed with 40 pips profit.

jaco.fin

Related publications

GBPUSD z-wave down to complete the corrective structure

by jaco.fin

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.