Short
Risky short setup, will it work?
RISKY: GBPUSD is at lower edge of weekly downtrend channel, after last week's fall a decent correction is due, however with current dollar strength, I for some reason believe it should go down a bit further to test the lows of August and July, hence I'm putting a small lot size to test my theory.
Currently GBPUSD is at price near 0.5 recovery of yesterday's fall, so I entered my sell from there.
SL: slightly above 0.5 fib and above a small support zone now resistance - NOTE this is risky setup so I tend to have very tight setup.
TP: close to august low 1.3601, and july low 1.3572
If price doesn't break or even reach to 1.36694, I will close at US session with either small profit or at loss.
GL
Currently GBPUSD is at price near 0.5 recovery of yesterday's fall, so I entered my sell from there.
SL: slightly above 0.5 fib and above a small support zone now resistance - NOTE this is risky setup so I tend to have very tight setup.
TP: close to august low 1.3601, and july low 1.3572
If price doesn't break or even reach to 1.36694, I will close at US session with either small profit or at loss.
GL
Note
Theory failed... I'm back to my longs DXY is at correction so is GBP
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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.