I have a short bias on the GBP due to the continued QE and economic outlook. Price has made a pullback into a nice fib and structure zone. On the daily it is forming a bearish engulfing, and on the lower TF it has broken out of its channel. See chart for how I plan on entering this trade. Great R:R, 3:1.
Comments
danndc
⋅
what is your opinion at the moment? is still valid?
danndc
⋅
do you still think that this scenario is still valid?
forexopl
⋅
Yes, I do not see why not?
danndc
⋅
do you think it has topped out at 15430?
what is your TP?
forexopl
⋅
My TP is on the chart, 1.47, I am a swing/position trader, so I will be hanging on to this trade for a while. I have my stops in place, which is also on the chart.
danndc
⋅
how long will it take to the profit in your opinion? i hope you are right and i will follow you ;)
forexopl
⋅
Do not take trades based off of what others say, do your own analysis. I am not sure how long it will take.