[TW] 2012-9-24 Short GBP/USD by Justin Pipper

GBP/USD DAILY CHART

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

[B]Entry Point:[/B] Short at 1.6250

[B]Stop loss:[/B] 1.6350 (above consolidation on the daily chart)

[B]Profit target:[/B] Initial target at 1.5750

[B]Risk Percentage:[/B] 1.0%

[B]Reward-to-risk Ratio:[/B] 5:1

[B]Tools used:[/B] 100 SMA (RED), 200 SMA (BLUE), Stochastic

[B]Trade Rationale:[/B]

-Former resistance on the daily chart
-Good R:R
-GBP weakness and USD strength due to the fading of the OMT and QE3 rally

[B]Trade Adjustment:[/B]
-Move stop to break even once price convincingly breaks below the consolidation on the daily chart

It’s a no brainer trade. I am already in it.

what time frame you guys going on this?

Are we back where we started on this trade it looks like it can’t get down passed the 1.6175 level
where do we go from here?
[I]By the way top left of chart DAILY[/I]

from a just learning forex trader