GBPUSD Daily, short; RSI high and resistance respected - No.2
This is taken off of the first trade I have made (lined idea below). The first trade was stopped out, however the same principles are in place. There is major resistance around these levels and the pair may be overbought.
For nice high TP:SL or risk reward ratios, I have placed a sell order at 1.29675, with Stop Loss at 1.30075 and Take Profit at 1.24675. This give a reward ratio around 12:1. I am also looking for fundamentals to be bearish on the GBP, such as retail sales tomorrow. Watch you Stop loss levels and potential to move Stop loss to entry price if the price falls more than the stop loss amount in pips.
Adjust Stop loss and / or Take profit levels depending on your money management and trading techniques.
There are opportunities for another two short placements if these entry levels are breached, price moves upwards further and / or the stop is taken again. These prices to potentially short are 1.2995 and 1.305 (to be confirmed on Price action etc)
For nice high TP:SL or risk reward ratios, I have placed a sell order at 1.29675, with Stop Loss at 1.30075 and Take Profit at 1.24675. This give a reward ratio around 12:1. I am also looking for fundamentals to be bearish on the GBP, such as retail sales tomorrow. Watch you Stop loss levels and potential to move Stop loss to entry price if the price falls more than the stop loss amount in pips.
Adjust Stop loss and / or Take profit levels depending on your money management and trading techniques.
There are opportunities for another two short placements if these entry levels are breached, price moves upwards further and / or the stop is taken again. These prices to potentially short are 1.2995 and 1.305 (to be confirmed on Price action etc)
Trade closed: stop reached:
Stop loss activated when positive retail sales data entered market.
Comment:
Potential to move onto secondary shorting opportunities, at 1.305. Watching for price action or other confirmations.
