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Gu

GU flipped into bearish #2 (update)GBPUSD had nice bull rally from 1.3565 to 1.14952 with perfectly creating HH and HLs which later flipped into bearish at 1.14952. It failed to break above HH but later breaks below HL, also it broke below the Rising wedge pattern which is considered as a bearish chart pattern that points to a reversal after a bull trend. Target of Rising wedge pattern are usually at where it started from which is around 0.618 fib level and yet not completed. It confirmed the flip of trend by making LL and LHs, currently is in downtrend channel . Entering short when candle confirms the break of ascending trendline would be perfect with SL at above previous LH which is 1.3% only. It would be low risk high reward play. I'll do 3 TPs i.e. TP1- 0.5 fib, TP2- 0.618 fib and TP3 would be at 1.3565. Which we closed previously GU retracted back to ascending trend-line which we broke previously and have updated on post 1 to add new shorts from that range TP 1 : 0.5 fib TP 2 : 0.618 fib TP 3 : bottom of trendline
Short
by itwasblue
1
GBPUSD MID TERM HUGE SELL OPPORTUNITYUse appropriate risk management. Last few posts have been incredibly successful so I'm using lower risk on this one. My strategy is a confidential, but those that trade my posts don't get carried away with my extreme accuracy and how I usually have little to no drawdown - USE SLS! This is a mid to potentially long term trade. The target is lower than GU has been my entire lifetime and probably yours too, so most will disagree but I like to differ from the crowd in trading so the target is very much achievable nonetheless.
Short
by MBL7
1