Hello traders. This is my current view on GBPUSD. I trust in waiting for bearish signs before going for the position so I might wait until it plays out and then find an entry similar that of the second one so we will see how it goes. Danko!
Trade active:
Tapped me in at the top (Entry A). What I'm expecting to happen is for the market to retrace back up a bit then that's when I will bring my stops to break-even after the retracement and break of the newly formed low. I might also add a second position (Entry B) if the market goes like I see it.
Comment:
What to keep in mind about Entry B is that it's an entry after the first impulse from the supply. So what is happening right now is simply the first rejection from the supply level, I will then wait for a weak retracement to the upside then an impulsing move to the downside. Entry B is when the second impulse breaks the low formed before the retracement.
Comment:
I might look to enter another short if the market breaks 1.2665, but then its Friday so Ill see how that one goes haha.
Trade closed manually:
I am closing 80% of my position. I see theres news coming up, I don't know how much of an impact they will be or researched what they mean for this pair so might as well protect most of my profits. Took 80% at 1.2667.
Comment:
And my stops are at around 1.2690 (in profit)
Trade closed manually:
Closed all positions. You folks have a wonderful weekend, see you on Sunday. Cheers!
Comment:
Re-entered this at 1.27075, SL at 1.27393 (Same as entry A sl) and targeting 1.255
Comment:
If it goes well then I will be looking to close most of my position at around 1.2615
Trade closed manually:
Position closed manually. I will be waiting to see if there is some bearish pressure before looking for any positions. At the moment I am neither bullish nor bearish.
Comment:
I made this decision because of the possibility of DXY heading to levels such as 102.5. Only time will tell.
Comment:
I will start looking for positions once GU breaks the low at 1.26868. At the moment I've just stepped back, waiting to see what happens.