JLJ002500
Short

GBPUSD - Trade Journal (Short Entry)

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD            



Short entry. (See Chart). Cautious due to substantial risk of a corrective pullback. I'm selling on pull backs.

Per my previous post/charts ( GBPUSD             - Expect Further Downside Pressure...), I believe there is still more to the down side. A move above 1.4566 would invalidate my analysis.

Trade closed manually: Closed trade for a reduced gain. Original T.P. was not reached. Saw evidence of bullish corrective move on on 1hr chart.
Comment: Unless 1.4565 resistance fails, I am still expecting further downside Mid-Term to Long-Term. BUT, GBPUSD has already had a substantial move down. Short-term, there could be a substantial corrective move up. Currently, there is a good risk/reward short-term long entry. I'm evaluating the trade now with a TP at ~1.4350.
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