[TW] 2012-07-09 GBPUSD SHORT by Jabroni

[Jabroni]

GBPUSD 4H



Long or Short: SHORT

Entry Point: 1.5485

Stop Loss: 1.5550

Profit Target/s: 1.5300

Reward-to-risk Ratio: 185:65 or roughly 3:1

Risk percentage: 1%

Indicators: 100SMA (red line)

Trade rationale: double top formation, will look to play a break of the 1.5500 support level. i think NFP could serve as perfect catalyst for a big move just before the weekend

Trade adjustments: moving my stop to breakeven at +50 pips

[fxsrikanth]

Hi my friend.....

In my chart rsi and stoch indicating over sold conditions....!!! So i will not agree with you....sorry for inconvenience......thank you......

[Bijoymj]

Even though, indicators are showing oversold conditions, Price action is in favor to find new lows. I think the target may be reached today itself after the NFP release.

[fxsrikanth]

ok friend.......
now i have to agree with youu......and really sorry ....if you hurt..........

AND REALLY YOU DID A GREAT JOB........CONGRATS.......