Article 50 triggered today ( Short GBP/USD )
So our trade pick is for this Reason:
Pm Theresa May will action this today , It will have an effect on the ( GBP ) Short term..... and over the last few days the ( USD ) has been picking up momentum with buyers stepping back in.
Now some key things to focus on here, some key data out for the ( USD ) today, tomorrow and Friday, there is also for the ( GBP ) but the market will be focused on Article 50 .
Check the chart we are in a downtrend and have been ranging slowly of late, between 1.21-1.26. We have pierced the trend line today, and with the pressure on the( GBP ) we can comfortably assume entering short here is a high probability trade.
The .786 fib line has shown comfortable resistance and the .236 fib line has shown comfortable support ( for now ) .
Entry @ MKT or 1.24- 1.2420
TP @ 1.2150
Stop Loss set @ 1.2470 above the high of the day.
We rate this trade out of ten ( 9 )
Happy trading people !!!! and more trade ideas posted soon , however its a quiet week data wise, so be patient, you are also allowed to have days when this happens where you take your time and regroup .
Stay Tuned
Pm Theresa May will action this today , It will have an effect on the ( GBP ) Short term..... and over the last few days the ( USD ) has been picking up momentum with buyers stepping back in.
Now some key things to focus on here, some key data out for the ( USD ) today, tomorrow and Friday, there is also for the ( GBP ) but the market will be focused on Article 50 .
Check the chart we are in a downtrend and have been ranging slowly of late, between 1.21-1.26. We have pierced the trend line today, and with the pressure on the( GBP ) we can comfortably assume entering short here is a high probability trade.
The .786 fib line has shown comfortable resistance and the .236 fib line has shown comfortable support ( for now ) .
Entry @ MKT or 1.24- 1.2420
TP @ 1.2150
Stop Loss set @ 1.2470 above the high of the day.
We rate this trade out of ten ( 9 )
Happy trading people !!!! and more trade ideas posted soon , however its a quiet week data wise, so be patient, you are also allowed to have days when this happens where you take your time and regroup .
Stay Tuned
Trade active:
We entered @ 1.24
Trade closed: stop reached:
Okay so we have been stopped out on this one , However we will be looking to re enter at more favourable levels in the coming days .
Around 1.2540 to 1.2590 level , We are out, so we can set our alert when these levels are triggered and re assess the trade , for now no harm done, and we are not in a position where we are stuck in a trade and focusing on it . We move on for now and look to other trades.
Happy trading
Around 1.2540 to 1.2590 level , We are out, so we can set our alert when these levels are triggered and re assess the trade , for now no harm done, and we are not in a position where we are stuck in a trade and focusing on it . We move on for now and look to other trades.
Happy trading
Comment:
Okay , We were stopped out, however this will be a very busy pair next week, as we have lots of important data coming out .
We will be trading out of the events and not into them, and we looking for a safer entry to short nearer to the .786 fib line.
Stay tuned for next week .
Okay , We were stopped out, however this will be a very busy pair next week, as we have lots of important data coming out .
We will be trading out of the events and not into them, and we looking for a safer entry to short nearer to the .786 fib line.
Stay tuned for next week .
Stops were triggered @ 1.24 and they will be set to get triggered again @ 1.2450 so be vigilant .
We are moving our stop to 1.25 , as this is the most we are willing to give back to the market whilst the Saga continues .
Stay tuned as PM May will deliver her speech @ 1130