IvanLabrie
Short

GBP might be getting ready for a big drop

FX:GBPUSD   British Pound/U.S. Dollar
247 2 5
As we see on this study, cable has been trending down, and recently engaged in a lateral price pattern that's taking out a lot of retail traders who entered longs or shorts with bad timing.
This movement calls for an explosive breakout, and I'll be watching for the beginning of it to capitalize on the move.

My target is a daily close below the resistance line, since we haven't seen any real volume action when outside that price range, I assume that's where bigger players have closed shorts before, and now will enter short again. It's a good idea to hedge the short position with a long if price breaks out over the resistance line, always let your winners run more than your losers and you'll be fine (I know I've struggled with that in the past).

Trade safe people,
Cheers.

Ivan.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
snapshot
Reply
New chart:
GBPUSD gathering forces to cross the cloud down
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out