FX:GBPUSD   British Pound/U.S. Dollar
177 2 6
Chart: Daily
Market: Ranging / Choppy


Bearish Indicators:

1. High test / doji like candlestick (29th of April 2016)
2. Price rejecting key daily / weekly resistance level @ 1.46400
3. Price rejected 1.46400 area & formed similar candlestick pattern on 4th of Feb 2016

Risk Management:

Order Type - Pending Sell
Risk / Reward - 1 : 2.33
Stop Zone - 1.46760
Target Area - 1.43350

Note: reason for pending sell order is due to price trading above 50 EMA and no clear sell signal on the 4 hour and 1 hour chart - bullish momentum still evident.
Incase this turns out to be a fake sell signal, pending order is the better option.

Agree / Disagree? Comment Below?
Comment: Pending Short Order Triggered
Comment: Stop Moved to 5th of May High (1.45285)
Comment: Target Reached 13th May 2016
I also agree on the price action that this presents an opportunity to short. I'm looking at this and planning to enter. However, I'm not strongly confident due to the fact that this is in a sideways trend. I will wait for the candle today to close and I'll see if it confirms last Friday's candle signal.
Reply
SantanderCapital TraderTroopa
I agree.100%. It's a common problem to look at a chart like this and think "There's no way it's going to reverse." Despite price action telling us otherwise.
However it's usually these types of trades that end up being the most favorable to our direction. I've found if I'm hesitant about a position, they are the ones to pay attention to.
Reply
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