I'm feeling this pair for a short. We have price entering a 50-61.8% Fib area, a pivot point is standing in it's way, we have a trend-line lending to a "change of polarity" where support is potentially turning into resistance? I'll set a forward order at the 50% Fib and get my stop beyond the 78.6%, pivot and a resistance area. 2:1 bring us just past previous support on this pair. If I don't see price getting into the zone of 50% fib and a clear reversal pattern is developing, I'll manually enter this short. I'll be very cautious of the 5:30am Pound news overnight. Let's see how this plays out. 1% Risk, 2:1RR -Happy Trading!
Trade closed: stop reached
I was wrongNote
The Brexit is a major issue these days, This is why we trade 1-2% of our accounts and allow slow steady growth. Quite the whipsawing going on.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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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.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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.