GBP/USD - 4hour
Long or Short: Short
Entry Point: 1.5695
Stop Loss: 1.5760
Profit Target/s: 1.5500 and 1.5350
Reward-to-risk Ratio: 3.5:1!
Risk percentage: 1.5%
Indicators used: Consolidation pattern.
Trade Rationale: I think with everything going on in Europe, last week was just a temporary rest, and we should see more selling this coming week. I believe the dollar will rally soon and that taking breakout trades could be profitable. GBP/USD has been on a nice downtrend lately, and this might continue in the short term.
Trade Adjustments: If I am triggered, I will implement a trailing stop of 65 pips, moving my stop down every time I am up another 65 pips. I will take half profit off at 1.5500 and let the rest ride to test support around 1.5350.