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nboone

Double Pitchfork Short Setup - GBPUSD

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
nboone Updated   
FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD short Pitchforks Double Top
2
0
gbpusd short pitchfork doubletop
A nice setup took shape on GBPUSD. With a double top as confirmation this trade is opened. Initial profit target is the median line of the blue pitchfork and a SL that provides a 1:1 RR. Here's hoping this trade will make up for the couple of setback from the end of last week.
Trade active:
Entry Price: 1.44055
Initial SL: 1.44252
1st Profit Target: 1.43858
Comment:
After a couple hours, the trade is in profit and it appears that price is respecting the major pitchfork (red). If this level is maintained, price has a good chance of reach 1.435 levels following this test and bounce from the upper pitchfork line.
Comment:
Price made another run up to the high but failed to make a higher high. I believe the trade is still valid but during the mid afternoon lull, prices have wandered about some.
Trade closed: stop reached
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