1-16-2012 short GBP/USD by Jabroni

Trading Discussion
1

[B]GBP/USD 1H[/B]

[B]Long or Short:[/B] SHORT

[B]Entry Point:[/B] 1.5390

[B]Stop Loss:[/B] 1.5460

[B]Profit Target/s:[/B] 1.5210

[B]Reward-to-risk Ratio:[/B] 70 pips vs 180 pips (>2.5:1)

[B]Risk percentage:[/B] 1%

[B]Indicators:[/B] 100SMA (red line)

[B]Trade Rationale:[/B] i don’t expect this rally to last, i think it’s just profit taking/ a short squeeze

potential major resistance level at 1.5400 because:

  1. falling trend line
  2. was a support level
  3. 100 SMA

also if you scale out to the 4H chart or daily chart, youll see the trend is down. there’s a clear falling channel on the 4H/daily

[B]Trade Adjustments:[/B] moving my stop to BE when im up by 70 pips. gonna consider shaving position if price stalls at previous low (1.5300).

2

already moved my stop to BE, took some of my position off at 1.5290 (+90). the rest is still open

3

Is this trade still valid? Can I still short the gbp/usd @ 1.5390?

4

i would say wait for a higher retracement before you consider selling again since the trend line i based this trade on has already been broken.

5

Hi Jabroni,

Thanks for telling me to wait, looks like the pair is moving up now. I was wondering if you generate daily signal or not. I am new at this and made a nice 50 pip profit using your signal. Would be nice for me as I am learining to follow somebody like you.

6

glad to be of help, ramlied. to be honest, i’m not really a pro or anything. there are many more experienced traders here (like eremarket) who would probably have more insight to offer than i. i just share my ideas here from time to time. :wink:

7

well dear thanks for sharing but i was not aware of this :slight_smile: