GBPUSD has broke through Support at point A creating a lower low indicating a change in the up trend. The price action will use that support as its new resistance so when the price action retraces and hits point B, the probability is high that this will then return to continue the new short trend.
This is where a short entry can be utilized.
I have placed my stop at the other side of the new resistance giving the price action some breathing space for when I enter.
Remember the fundamentals! the money you lose if you get stopped should be no more than 1-2% of your account.
Ill update when I enter the short trade.
Happy Trading - The Trading Box.
This is where a short entry can be utilized.
I have placed my stop at the other side of the new resistance giving the price action some breathing space for when I enter.
Remember the fundamentals! the money you lose if you get stopped should be no more than 1-2% of your account.
Ill update when I enter the short trade.
Happy Trading - The Trading Box.
Trade active:
Went in short a little early as I cant sit on this but still a good entry point.
SL@13108
SL@13108
Comment:
Moved my stop to reduce risk to 13041. This maybe the continuation of the downtrend.
Comment:
Stop moved to 12861 to lock in 168 Pips profit
Trade active:
Second position short just entered at 12827. A lower low on the 15 minute confirms a high probability that the down trend is continuing. SL@12835