GBP/USD Setup - possible entry price, stop loss is included!
Updated
Hello!
I have an possible short setup for GBP/USD on the Daily chart .
As you can see, the lower keltner channel has been tagged, and a bear flag has emerged. Price action has retraced so far around 40%.
(possible) Entry price: 1.2516
(possible) Stop loss: 1.2604
(possible) 1st profit target: 1.2442 ( pivot low of the trend leg)
*use a trailing stop for the rest of your position*
REMEMBER: only enter this trade on downward momentum (this is your confirmation for entering the trade)
Also, given political uncertainty surrounding Brexit, if this trade is triggered, it is wise to exit on any upward momentum even before the stop loss is hit.
Happy trading! Best of luck!
I have an possible short setup for GBP/USD on the Daily chart .
As you can see, the lower keltner channel has been tagged, and a bear flag has emerged. Price action has retraced so far around 40%.
(possible) Entry price: 1.2516
(possible) Stop loss: 1.2604
(possible) 1st profit target: 1.2442 ( pivot low of the trend leg)
*use a trailing stop for the rest of your position*
REMEMBER: only enter this trade on downward momentum (this is your confirmation for entering the trade)
Also, given political uncertainty surrounding Brexit, if this trade is triggered, it is wise to exit on any upward momentum even before the stop loss is hit.
Happy trading! Best of luck!
Trade active
The bear flag has begun breaking down. You may already be in this trade, or may be waiting for further downside momentum to trigger in.Trade active
You should tighten your stops as well. A possible level for your stop at this point could be 1.2550Note
Data concerning the British economy is coming out in about 46 mins from now, so please be wary that this could cause a whiplash.If price continues to go against this trade (not just the whiplash immediately after the news), if may be wise to exit the trade for a breakeven, or small loss.
Also, keep in mind the FOMC speech in early US morning.
Trade closed: target reached
Your first profit target should have been reached - as price hit the pivot low of the trend leg. You can trail stops at your discretion.
Note
Parabolic move in our favor on the intraday chart. However, pay attention to this price action as it could set up a strong reversal. If you notice a sustained strong reversal then take profits on your position.
Note
Hello everyone,Just as an update, this trade worked out very well. You should all have taken at least partial profits at this point. It is also perfectly reasonable to have taken full profits as well.
If you are still in position make sure you tighten you stops aggressively.
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