GBP/USD Get Shorty
Chart: Daily
Market: Ranging / Choppy
Bearish Indicators:
1. High test / doji like candlestick (29th of April 2016)
2. Price rejecting key daily / weekly resistance level @ 1.46400
3. Price rejected 1.46400 area & formed similar candlestick pattern on 4th of Feb 2016
Risk Management:
Order Type - Pending Sell
Risk / Reward - 1 : 2.33
Stop Zone - 1.46760
Target Area - 1.43350
Note: reason for pending sell order is due to price trading above 50 EMA and no clear sell signal on the 4 hour and 1 hour chart - bullish momentum still evident.
Incase this turns out to be a fake sell signal, pending order is the better option.
Agree / Disagree? Comment Below?
Market: Ranging / Choppy
Bearish Indicators:
1. High test / doji like candlestick (29th of April 2016)
2. Price rejecting key daily / weekly resistance level @ 1.46400
3. Price rejected 1.46400 area & formed similar candlestick pattern on 4th of Feb 2016
Risk Management:
Order Type - Pending Sell
Risk / Reward - 1 : 2.33
Stop Zone - 1.46760
Target Area - 1.43350
Note: reason for pending sell order is due to price trading above 50 EMA and no clear sell signal on the 4 hour and 1 hour chart - bullish momentum still evident.
Incase this turns out to be a fake sell signal, pending order is the better option.
Agree / Disagree? Comment Below?
Note
Pending Short Order TriggeredNote
Stop Moved to 5th of May High (1.45285)Note
Target Reached 13th May 2016
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.
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.