Pound Dollar Short Entry

FX_IDC:GBPUSD   British Pound / U.S. Dollar
176 7 4
I see a short entry setting up on the pound dollar.
It is rejecting the bottom of the Kumo cloud on the weekly
The ichimoku is setting up now on the daily for a short entry
See my Entry point area
Target would be lowest swing low. This would
be a trade on the daily time frame
I agree with the trade idea and the setup, but don't forget, that USD is a kind of expensive ccy too. So maybe it is better to trade some portion of GBP short vs other ccys. e.g.: EURGBP long. I prefer that right now.
I think short Cable trade will start to perform at some point too, but better to do a basket selling.
IvanLabrie Kumowizard
I'm short eurusd and gbpusd, and short gold and crude, while long Nikkei, Dow, S&P500 and Dax (Dax was stopped last night, somehow) Looking to reenter.
That's a pretty low entry, aren't you worried of it instantly retracing after moving past that low?
paulyberndt IvanLabrie
I would be watching for a close below that swing low as currently it is still bullish and on a pullback. Your right price will react when it hits that swing low .Entry always a little tricky but my stop would be at or above the Kijun sen line.
IvanLabrie paulyberndt
Yeah, the cloud is very reliable.
Kumowizard IvanLabrie
You may think it is a too low entry, but in fact if he follows strict Kumo breakout strategy, he must wait until that level to enter. The other question is compared to what it is low? If he uses wider stop loss, so adjusts the position size with stop and ATR volatility, then no problem.
He can also chose a strategy of sell on retest. Which means after price makes a breakout on the lower side, he waits until a pull back to one of the firming bearish supports, then he enters short on next sell signal.
IvanLabrie Kumowizard
Indeed, I normally open trades with fairly wide stops and then add on retracements, and trail the stop as we move forward. Not a stranger to that.
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