After recent side ways movement on the GBP , volume and buying pressure looks to be dying out altho we are still in a sideways market there are multiple signs pointing to a short pullback.
But bearing in mind going against the trend is risky and lower probability.
Reasons for this Trade
Clear break of trend line and retest and held as RES
After 148.00 level has not been broken on 3 attempts and has held well as RES
Tweezer top formation on Daily chart
Strong bearish daily close
Strong signs of bears on lower time frames breaking all structure
Altho the entry is bit late and a bit more conservative I am confident price will reach 140.00 key level at the very least
I am sensing a sell of on GBP pairs due to political mess and of course price action
please feel free to wait for a better entry as I'm trading of daily charts and don't mind having bigger Stop losses.
risk management : 1-2% of account size MAX
My entry 141.00
First target 140.00
Second target 138.75
But bearing in mind going against the trend is risky and lower probability.
Reasons for this Trade
Clear break of trend line and retest and held as RES
After 148.00 level has not been broken on 3 attempts and has held well as RES
Tweezer top formation on Daily chart
Strong bearish daily close
Strong signs of bears on lower time frames breaking all structure
Altho the entry is bit late and a bit more conservative I am confident price will reach 140.00 key level at the very least
I am sensing a sell of on GBP pairs due to political mess and of course price action
please feel free to wait for a better entry as I'm trading of daily charts and don't mind having bigger Stop losses.
risk management : 1-2% of account size MAX
My entry 141.00
First target 140.00
Second target 138.75
Trade closed: target reached:
First Target achieved for 100 pips profit
may close part of my position and let the rest ride
Anyways enjoy the profits and have a great weekend :)
may close part of my position and let the rest ride
Anyways enjoy the profits and have a great weekend :)
