GBP/USD Possible Short

Trading Discussion
1

Hourly Time Frame

gbpusd.jpg700×334 19.1 KB

POSSIBLE (take note the word possible)
Entry: Enter when the 100 SMA holds. Wait for another bearish candlestick.
SL: Exit when price makes a new high above the 100-SMA (above the last two candles)
PT: Former lows (1.6000ish)
Rationale:

Price encountering resistance at 100-SMA but I’m not convinced it will hold. Just waiting for more confirmation to short. Gonna trail this trade tightly since medium-term trend is up.

2

so your whole trade is based on 100 SMA?

3

i’m interested in ur system …describe in brief…!

simplymilap
everyday hustling

4

Above 100SMA take long trade, below take short. Line itself can be support or resistance for bounce trades. Also used to show trend direction. I personally use the 200SMA for same idea(along with the 20EMA for cross overs), and price action.