$100k Challenge - GBPUSD Short - E16 T1
Hey all!
And we're back to this pair! After the stop-loss I had here, I consider there's an interesting opportunity here for a shift in structure. Personally, I think there can be a bearish extension reaching into the nearest support area.
Anyway, here are the notes from da' journal!
The market has been in an uptrend for almost a year. Recently, the uptrend structure was broken, moving the market below a bullish trendline, as well as below a resistance that was apparently broken but that failed to test the breakup.
We recently saw a strong bearish movement below that resistance, which supports the potential shift in structure. The stop loss is placed above the last high, and the first profit target is set to the next major support area. The second profit target will remain open in case the market shows strong bearish momentum when reaching the first one.
And we're back to this pair! After the stop-loss I had here, I consider there's an interesting opportunity here for a shift in structure. Personally, I think there can be a bearish extension reaching into the nearest support area.
Anyway, here are the notes from da' journal!
The market has been in an uptrend for almost a year. Recently, the uptrend structure was broken, moving the market below a bullish trendline, as well as below a resistance that was apparently broken but that failed to test the breakup.
We recently saw a strong bearish movement below that resistance, which supports the potential shift in structure. The stop loss is placed above the last high, and the first profit target is set to the next major support area. The second profit target will remain open in case the market shows strong bearish momentum when reaching the first one.
