GBPUSD: Brave traders, here you have a short idea

We have an interesting setup in GBPUSD. The loss of momentum in the rally leads to a viable short setup, either at market open, risking a rally to 1.2624, or shorting on a new daily low, risking a new daily high.
I expect the next leg to go down, but I'm not sure if we can trend down right away. It's more likely going to chop and gyrate between key levels until the end of the year. We can accumulate short positions on each rally, and with some luck, we might even be able to keep them with break even stops if things go really well.

Good luck,

Ivan Labrie.

Comment:

Another thing to consider, if you can tolerate bigger stops, you may use the value of the ATR indicator, added to the flash crash high for your stop, this might prove effective in case of bigger volatility next week.
A 3 times the value of ATR stop, gives you a safe position size overall, and is the most conservative stop I would use.

Order cancelled:

Theresa May's statements might send the pair down here, but we have to remain cautious. I'm flat atm, I'll reccomend the GBPJPY long but flat on GBPUSD.

Trade active:

I'd reccomend exiting gbpjpy longs and shorting GBPUSD here, risk is a new high above Friday's high.

Comment:

As you can see, we're ready to resume the decline.

Comment:

Nope...the rangebound period was correct though.