GBPUSD traded sideways throughout the week. It closed the week slightly higher @ 1.4490. My long bias strong for the moment but I’m cautious of heavy economics data coming out this week on GBP. If we see sharp deviations from expectation, Cable can prove to be volatile. Daily charts suggest pullback towards 1.4350 and uptrend could continue from there. Obviously, GBPUSD might fly through these levels and get down towards 1.41, major low.
As we speak Cable broke the consolidation channel to the downside providing good short setup.
Short positions can be established after the price pulls back to the resistance, former support at 1.4410
Stops above the recent highs.
Targets will depend on the data coming out this week. Jam SL to BE after 70-100 in money.
As the moment stochs are against me, but I expect them to be in place once this trade is filled.
Date: 02/16/2016
Pair: GBPUSD
Price: 1.4410
Trade: Sell Limit
Lot Size: 0.03
Stop Loss in Pips: 100
Take profit in pips: 200
Risk of Equity: 3%
My Trading Checklist
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: Yes
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Risk Off
Is this trade with the trend?: Yes
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: N/A
Am I selling resistance?: Yes
Is this entered during London’s session?: Yes
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: No
Where is the price in terms of Pivots Points?: Not clear to me
As we speak Cable broke the consolidation channel to the downside providing good short setup.
Short positions can be established after the price pulls back to the resistance, former support at 1.4410
Stops above the recent highs.
Targets will depend on the data coming out this week. Jam SL to BE after 70-100 in money.
As the moment stochs are against me, but I expect them to be in place once this trade is filled.
Date: 02/16/2016
Pair: GBPUSD
Price: 1.4410
Trade: Sell Limit
Lot Size: 0.03
Stop Loss in Pips: 100
Take profit in pips: 200
Risk of Equity: 3%
My Trading Checklist
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: Yes
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Risk Off
Is this trade with the trend?: Yes
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: N/A
Am I selling resistance?: Yes
Is this entered during London’s session?: Yes
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: No
Where is the price in terms of Pivots Points?: Not clear to me