This is my idea for GBP/USD on a 15-minute time frame, get a better view of the chart on a 5-minute time frame. I've entered a short position because it's evident that the price is in a downtrend, and it has broken below the established structure. This signals the potential for the entire trend to continue in this direction, with a target profit (TP) set at 1.22626.
We got in here on cable after a clear SMA cross had appeared.
No major data out of either country until 13:00 GMT which gives this position a good 4hrs before we need to either take profit or stop loss.
All of my criteria was met with this trade hence why i decided to enter.
The stop loss was fairly big but i decided to enter anyway as this trade set up was very appealing.
