GBPUSD 240 possible Short entry into ongoing DT
Assuming:
PA retests SR and LH @1.27632 and then reverses short.
PA breaks and closes below rising trendline.
RSI breaks and closes below rising trendline.
Then:
Short entry 10 pips below SRZ. I plan to make the trade real time, not with a limit since the market is closed and we all have gotten screwed by that before. Plus the actual price after open may not align with my planned entry.
SL 10 pips above recent HH and SRZ.
TP 10 pips above 31 May 19 LL=1.25592.
Need to take care at 1.26619 SR (LL from 15 Aug 19) – consider moving SL to entry.
Also note current channel with midline at 1.26619 SR (LL from 15 Aug 19) – spooky.
PA retests SR and LH @1.27632 and then reverses short.
PA breaks and closes below rising trendline.
RSI breaks and closes below rising trendline.
Then:
Short entry 10 pips below SRZ. I plan to make the trade real time, not with a limit since the market is closed and we all have gotten screwed by that before. Plus the actual price after open may not align with my planned entry.
SL 10 pips above recent HH and SRZ.
TP 10 pips above 31 May 19 LL=1.25592.
Need to take care at 1.26619 SR (LL from 15 Aug 19) – consider moving SL to entry.
Also note current channel with midline at 1.26619 SR (LL from 15 Aug 19) – spooky.
Note
Adjusted the entry point downward in light of some review of this idea by my son - he pointed out a SR that I did not account for. The TP and SL stayed the same.
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