A very steep bullish TL has been created last week on the 4H chart of GBPUSD but now price has been pushed towards an area of high liquidity and high manipulation as price has been seen to move erratically in this area. Im am looking for price to push up just a little more into this zone and then break the bull TL and fall throughout the week. This provides a good short opportunity with a nice Risk:Reward if the trade is entered at the correct point. This trade could come under some uncertainty if any news around brexit affects the pound and with CPI coming out this week it may be safer not to enter.
Comment:
Monday: Price began to move to the downside sooner than expected. I am unsure whether price will continue to drop or if we will see a small rise to our previous targeted entry point. With the uncertainty of whether price will rise to the upside like previously suspected it may mean the trade is safer to miss out on with the additional uncertainty surrounding GBP news this week
Trade closed: target reached:
Thursday: Both targets hit. +215 pips for target 1. +326 pips for target 2
+15% account value if using 2% risk on each trade like I did :)
+15% account value if using 2% risk on each trade like I did :)
