Initial stop (risk) has been move to Break-even + the spread (BE +), allowing a risk free opportunity overnight (during the APAC session). London open on 17.10.2018 DRE / RRE of initial re pattern completed, allowing for an additional entry on the breakout / retest @ 1.3179. Subsequently, as I was completing the trade journal, Trade moved in line with projections and have also moved Stop (risk) to breakeven + the spread....... Two trades running @ 08:57 am, both Risk Free.
Continuing to watch market structure develop and will adapt accordingly, moving stops in line with the downside momentum, protecting position and locking in profit
08:58am on 17.10.2018 -Initial short entry at 1.3211- Stop has now been adjusted to the 1.3200 handle - locking in a few more pips, inline with the markets downside momentum...... Price was trading at 1.3155
Here is my current view of GBP/USD -
We currently have two Short positions on GBP/USD (Cable) from 1.3211 and 1.3179
Our stops have been moved to 0.5%R and Breakeven + the spread.
We are now forecasting that GBP/USD will distribute (consolidate) for a period of around 4-8 hours, creating a continuation pattern such as, a bearish flag or pennant...
We will be looking for the opportunity to add to this trade upon the pattern completion and downside break, if & when it occurs....
Initial short position from 1.3211 has now been taken off of the table, due to trailing stop being hit, upon the retracement. We remain short from 1.3179, with stop at around 0.50% R and will actively manage the position today, utilising price action and the market structure.