buff22
Short

GBPUSD Bear Flag Developed, near strong resistance soon

FX:GBPUSD   British Pound/U.S. Dollar
a year ago
Strong trendline/ horizontal resistance, as well as the development of a bear flag gives a good case for a short here.

Trading plan:

A small short entered at 1.5182 gives the ability to capture the move if price fall from the flag formation prematurely on the next downswing.
Next, a more sizable short is entered around 1.5193-.5195, playing off of both horizontal resistance at 1.520 and the upper channel trendline .

The pattern will not be considered invalid without a break of the outside trendline .

Target 1 is the 1.5150 area
Target 2 is the 1.5120-1. 5110             area.

a year ago
Trade closed: stop reached: Trade was closed on breach of trendline!

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