I made some loss on GBPUSD trade today as I was bias bearish GBPUSD believing it has reached its limit (no more daily higher high) - while I was wrong and that made a small dent in my master account...
Here's one more of my trade setup (trade entered already), and I'm still bias dollar bullish.
RISK: My upper down trend channel has already been broken by GBP's last few hours impulsive jump and stayed above. So it's VERY risky IMO to bet it will fall down hard from there and back into the channel.
Reason I still decided to take the risk:
1. redrew the mini-up trend channel on hourly, seems still possible and rising wedge alike. and current price is just at the upper edge of it (might because I drew it after price was formed)
2. GBP consolidated around the sell zone entry area in the last few hours before market closure but didn't manage to break the up trend channel line. That indicates it may be ready to head down to retest.
3. If it fall and falls back into the down trend channel (white line), I'll be more confident that the price should drop further
4. RSI over bought on lower time frames, against DXY oversold on lower time frames, so correction should be expected soon (Daily chart RSI still heathy)
SL: above previous support. 1.385 - I set it as 1.386 to be safe
TP: Fib based.
RISK: If it still doesn't drop into the down trend channel before US session, or price broken the mini-up trend channel, I will cancel at loss.
Also remember - It's Friday, US Summer Holiday & First week of September. :)
Good Luck!
Here's one more of my trade setup (trade entered already), and I'm still bias dollar bullish.
RISK: My upper down trend channel has already been broken by GBP's last few hours impulsive jump and stayed above. So it's VERY risky IMO to bet it will fall down hard from there and back into the channel.
Reason I still decided to take the risk:
1. redrew the mini-up trend channel on hourly, seems still possible and rising wedge alike. and current price is just at the upper edge of it (might because I drew it after price was formed)
2. GBP consolidated around the sell zone entry area in the last few hours before market closure but didn't manage to break the up trend channel line. That indicates it may be ready to head down to retest.
3. If it fall and falls back into the down trend channel (white line), I'll be more confident that the price should drop further
4. RSI over bought on lower time frames, against DXY oversold on lower time frames, so correction should be expected soon (Daily chart RSI still heathy)
SL: above previous support. 1.385 - I set it as 1.386 to be safe
TP: Fib based.
RISK: If it still doesn't drop into the down trend channel before US session, or price broken the mini-up trend channel, I will cancel at loss.
Also remember - It's Friday, US Summer Holiday & First week of September. :)
Good Luck!
