Risky short setup, will it work?
Updated
RISKY: GBPUSD is at lower edge of weekly downtrend channel, after last week's fall a decent correction is due, however with current dollar strength, I for some reason believe it should go down a bit further to test the lows of August and July, hence I'm putting a small lot size to test my theory.
Currently GBPUSD is at price near 0.5 recovery of yesterday's fall, so I entered my sell from there.
SL: slightly above 0.5 fib and above a small support zone now resistance - NOTE this is risky setup so I tend to have very tight setup.
TP: close to august low 1.3601, and july low 1.3572
If price doesn't break or even reach to 1.36694, I will close at US session with either small profit or at loss.
GL
Currently GBPUSD is at price near 0.5 recovery of yesterday's fall, so I entered my sell from there.
SL: slightly above 0.5 fib and above a small support zone now resistance - NOTE this is risky setup so I tend to have very tight setup.
TP: close to august low 1.3601, and july low 1.3572
If price doesn't break or even reach to 1.36694, I will close at US session with either small profit or at loss.
GL
Note
Theory failed... I'm back to my longs DXY is at correction so is GBP
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