GBPUSD Short - Flat channel
A great example of why I'm not keen on trading trend continuation wedges. If price extends it leads to a flat channel or, in extreme movements, flags.
I have been watching this pair (also look at GBPCAD) for signs of reversal at the upper wedge resistance, it came earlier and quickly reversed to extend price on TM's announcement.
two ways to trade this, aggressive entry (as shown) or wait for a bearish impulse that signals a change in trend. If you're looking at an expanded flag, the SL should be above the flag's upper limit (more than shown).
Disclaimer: Not financial advice, trade your own plan. GL!
I have been watching this pair (also look at GBPCAD) for signs of reversal at the upper wedge resistance, it came earlier and quickly reversed to extend price on TM's announcement.
two ways to trade this, aggressive entry (as shown) or wait for a bearish impulse that signals a change in trend. If you're looking at an expanded flag, the SL should be above the flag's upper limit (more than shown).
Disclaimer: Not financial advice, trade your own plan. GL!
Disclaimer
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