GBPAUD Short term Forecast: Bearish Three Drives| #forex
**Update: Trade is active, closed my first half at first target, i moved stop loss to break even on the second half.
**Update: Second half was stopped out at break-even
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-Three drives pattern completes at the top of the main rising channel.
-The price failed to sustain the breakout above the channel last week to move back within the channel
- Pin bar was formed yesterday confirming my bearish bias
-Price was overbought and currently losing momentum on RSI
-Good trade in terms of risk-reward..
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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
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Be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Good luck, keep your stops tight..
twitter.com/thefxchannel
www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician
**Update: Second half was stopped out at break-even
------------------------------------------------------------------------------------------------------------------------------------------------------
-Three drives pattern completes at the top of the main rising channel.
-The price failed to sustain the breakout above the channel last week to move back within the channel
- Pin bar was formed yesterday confirming my bearish bias
-Price was overbought and currently losing momentum on RSI
-Good trade in terms of risk-reward..
------------------------------------------------------------------------------------------------------------------------------------------------------------
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
------------------------------------------------------------------------------------------------------------------------------------------------------------
Be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Good luck, keep your stops tight..
twitter.com/thefxchannel
www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician
