Hello traders, today we have ourselves a lovely GBPUSD short.
Confluences:
Structure Level
USD Weakness & GBP Strength creating resistance
With this trade we have ourselves a lovely R:R (Risk:Reward) of 1:8.3! This is a insane ration and definitely not one to miss. We have a 30 pip stop loss for our trade which is above the previous structure level. If we hit Stop loss we will look for another entry in the structure level below.
I have set 2 Take profit zones for this trade, The first profit taking area is at 90 pips at 1.379 in the structure level and fib level Our second profit taking area is at 250 pips at 1.3915
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Comment
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Price has reacted very well from our fib level
Trade closed: stop reached
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Price hit SL level which was at +2 pips securing no loss for this trade, Posted a reentry position on my profile