GBPUSD SHORT Short

British Pound/U.S. DollarFXCM

Description

⋅ Mar 30, 2017 7:16 PM

Short trade opened on FX:GBPUSD.

- Trendline
Upward trend line has broken. Price is now stalling around a previous daily demand zone.

- Pin bar
Price has printed a 4hr pin bar suggesting a potential reversal.

- Bearish Flag
Bearish flag pattern on the 4hr suggesting a short continuation.

The 1hr is still bullish so entry could be really early here but the 4hr pin bar is a strong enough signal for me.

Comments

Jenigma

⋅ Mar 31, 2017 1:44 PM

I would not say it's wise opening a position when the pattern (bearish flag) is yet to be confirmed with a break to the downside. However price has made 3 consecutive lower highs so it may. Good luck