GBP/USD, Short
Entry: 1.6065ish
Stop: 50 pip trail
Profit target: depends on the TS
Indicators: Red line is 100 SMA and blue line is 200 SMA.
Trade explanation:
Simple trade. Price just made a new lower low, indicating that trend is down. I’m looking for a pullback around the 23.6-38.2 Fib as it lines up nicely with the 100-SMA. Market sentiment is overall bearish with the Spanish bailout in focus.
That’s it!