Sunday, 18 October 2015

GBPUSD short from trendline

My GBPUSD long trade of September 25 went well, and hit both targets and closed. My theory still holds so it is now time to go short. Here is my next course extract.

Following the same theory as before, the trendline has now been reached and it is time to go short again. Overall, cable is at the top of a bullish descending wedge, however I believe the wedge is not complete yet and there will be another down cycle.
Accordingly, I have placed two short contracts. In both cases, my stop is slightly above the upper descending trendline at 1.557. One of the contracts is targeted to reach 1.5170 the low of Jun 1 and Sep 4, and the other is slightly more ambitious to reach a lower point in the wedge, the psychological 1.50. When the first target is hit, the stop on the second target will be lowered.
Entry 1 : 1.5451 SL 1.5570 TP 1.5170 RR 119:281 = 2.36:1
Entry 2 : 1.5451 SL 1.5570 TP 1.5000 RR 119:451 = 3.79:1

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