GBPUSD Short Trade Setup
Updated
Hello trades.
While I was recording today's video analysis, I was expecting some correction before this down move, but it just fell. Wait for a correction to take any trade. Don't jump in. My minimum target is the breaking of up trendline. Then we will see. There is a chance for one more upside, or it can go down and make new all-time low.
While I was recording today's video analysis, I was expecting some correction before this down move, but it just fell. Wait for a correction to take any trade. Don't jump in. My minimum target is the breaking of up trendline. Then we will see. There is a chance for one more upside, or it can go down and make new all-time low.
Note
If you took this trade from the top like I suggest, move your stop-loss to breakeven. If you missed the entry like me, wait for a bigger correction to sell.Note
If the down move is the C wave inside of daily X wave, the corrective structure should be about the end. So, if you have any short trade you should consider to close it. I believe moving stop-loss to the closer to spot price would be a better idea. After this drop, it will either make a correction or Z wave, we will see.Note
Move stop-loss to the blue line. It can keep going down, but momentum is dying.Note
It broke the downtrend line. Wait for a correction and close your trade. If it keeps going up, let it stop you out at the blue line. Note
Trade should be closed with positive stop-loss and profit should be around 7%. If you like to count the pips, it was 700.
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