DonDimadjo

A clear set up for a short on GBP/USD

Short
FX:GBPUSD   British Pound / U.S. Dollar
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tested the Asia highs and the support level of 1.6144 at the same time and got rejected. I will short from here and target 1.6092 (200 EMA on 1hr chart). Have put my stop loss at 1.6050

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nice, isn't it :-))
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Well, some UK data (retail sales) pushed the price up and i've got stopped at beak even, so no profit now loss... well onto the next trade. I still think that was a good trade set up I got, with initial risk/reward 1:5, so it was worth taking. during the move, i moved my stop loss at break even, so ended up with zero profit. still have my bias for a short though. will be looking for another trap move around 1.6144/1.6154 or if it goes up, will have an open mind and see if the 61.8 fibo at 1.6167 (see my older comment bout that level) holds the move up, and I seen a pin bar above it (reach 1.6180/85 area, got rejected and the 1hr candle closed below the 1.6167 level, it will add to my bias to go short again.. let's wait and see what the market has in hand for us today ;-)
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moved my stop loss to break even, so it will either go my way down to 1.6092 or take me at break even (1.6140) with no loss ;-)
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