MisterTrader
Short

#GBPUSD: Divergence and Fibos for a Short

FX:GBPUSD   British Pound/U.S. Dollar
538 5 6
After a 6 month drop, price goes out of the downtrend tunnel to create a short term bullish trend .
Price arrives on a confluence level : divergence, round number and fibonacci 0,236 acting as bull blocker.
Price is now breaking the lower level of bullish short term tunnel, this is our SHORT opportunity.

I'm expecting a drop to the previous low.

Cross-pairs Strenght Analyze : GBP meets resistance against AUD, CAD.

Please share ideas and comments.
Cheers

ENTRY: 1.53463 (to be confirmed, if a retest of not of downtrend tunnel)
Stop Loss : 1.55602
TP1: 1.49825
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Trading rules are :
1. Trades are taken in 1, 2 or 3 units depending the situation.
2. If 90 percent of first target is reached I move stop loss to break-even.
3. If 90 percent of first target is reached without triggering entry I cancel the trade.
4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels.
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My 5 tips to keep in mind that will save you from losing :
- Make sure to have enough Momentum on your side
- Use powerful confluences ( BRN             , major S/R, Div             , Trend-lines, Fibos)
- Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations
- Good price action ( pinbar , inside bar etc..) at bottom/top for a good price
- Enjoy your wins and learn from your losses

Wish you great success !
Trade close when touch 1.4998
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Going well so far
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Trade activated
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Hello, i see you are one of the few people who analyze the strenght of a currency. This is very important to make a final decision. I use a paid indicator available only for MT4. It says the GBP now is stronger thant the USD but losing momentum. The USD is recovering. Best regards.
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MisterTrader FullTimeTrader
Hello FTPT, yes I made my own indicator based on S/R charistic analyze, And I would like to also take into account pairs volumes and Fundamentals in order to complete my vision and be relevant. Work in progress ! Cheers
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