GBPUSD Short 4h Chart
Updated
This pair is currently testing a strong resistance, which lines up nicely with fibonacci 61.8. The pair is also overbought (RSI 14).
My stoploss is at 1.248, which is above the channel and above the fibonacci 76.4, giving the pair room to move, but will close out in time if the marked move too much. Will move SL when the pair has crossed below fibonacci 50.
Take profit will be at 1.211, which is at the previous buttom.
Risk/Reward at 3.4.
My stoploss is at 1.248, which is above the channel and above the fibonacci 76.4, giving the pair room to move, but will close out in time if the marked move too much. Will move SL when the pair has crossed below fibonacci 50.
Take profit will be at 1.211, which is at the previous buttom.
Risk/Reward at 3.4.
Note
Forgot to meniton that Fibonacci short and fibonacci long lines up rather perfectly, and will therefor trail the SL at the different fibonacci long levels.
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