GBPUSD Another Perspective
UPDATE 07-11-2014 Stops brought to break even
A lot of people (including me) are rooting for the pair to rise from the ashes. However we could even see a continuation of the hammering. We have to be prepared for the unforeseen and thus this analysis.
We now see a bear flag forming, in which we have a down leg also called the pole, and a rising flag which signifies consolidation. However, a break of the flag will lead to the downward trend continuation to the extent and measure of the pole.
The trade has a great risk-reward ratio but make sure to enter only on break of the flag to the downside
Trade Type: Trend Continuation
Price: 1.5977
Target: 1.5739
Stops: 1.6043
R/R Ratio: 3.5
A lot of people (including me) are rooting for the pair to rise from the ashes. However we could even see a continuation of the hammering. We have to be prepared for the unforeseen and thus this analysis.
We now see a bear flag forming, in which we have a down leg also called the pole, and a rising flag which signifies consolidation. However, a break of the flag will lead to the downward trend continuation to the extent and measure of the pole.
The trade has a great risk-reward ratio but make sure to enter only on break of the flag to the downside
Trade Type: Trend Continuation
Price: 1.5977
Target: 1.5739
Stops: 1.6043
R/R Ratio: 3.5
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