fx1
Short

Bearish Bat

FX:GBPUSD   British Pound/U.S. Dollar
93 0 0
X2A Fib Retracement of .886 @ 1.54451
B2C Fib Retracement of 1.618 @ 1.54474
Using B2C fib R of 1.618 for entry in this case

Remember to update your A2D Fib Retracement ''Take Profit '' targets of .382 & .618 with changes in the point D.

Also take into account the spread of the specific pair when setting Take Profit targets.Or else you might miss the Take Profit target as the price may just touch the Take Profit targets of .382 or .618 & bounce back without the Take Profit orders being filled.

Once initial Take profit target of .382 is filled, you can do trailing stop for the 2nd Take Profit target of .618 instead of setting the Stop Loss near entry price. If the Stop Loss is set near entry price, make sure it is set @ few pips below (when short) /above (when long) of entry price. Setting few pips below or above entry price helps to take care of any slippage when the Stop Loss is filled.

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