from what you say in the analysis:
you going in base on the weekly, daily, 4hrs chart. and all chart is trending down. then you decide open position, actually your first profite already hit, so the things you are waiting now were the second and third profite. from what i see, it’s a good trading. but may i have some question:
I just what to confirm with you, before you sell the JBP/USD, have you take a look the 30mins charts. because i really don’t know how to trade sometimes. always loss money one. thanks.
For a this type of trade I expect to hold the position about a week. So I only looked at the weekly, daily and 4hr chart. For the entry it was also important that the price was at a resistance (upper end of the consolidation channel).
The first TP target has been reached same day. I wait and see what the price is doing now. Will it consolidate or continue going down? I definitely will not allow this trade to turn negative. I moved the SL to 1.60 for now.
Good analysis, thanks for your reply. actually i am also playing this chart recently, but i only hold the position a few hours. so normally i was see 30mins charts.
I will watch the Uk data release on Wed 8:30 gmt and might enter again. Also considering EUR/GBP long bc the EUR seems to continue to perform better than USD.
These are pretty much my thoughts on the pair too. I’m still bearish on the GBP and would consider this a short term top, if it goes much higher than it currently is though I’ll probably reverse my opinion.
Fundamentally I am still bearish on GBP. And as long as GBP USD is lower than 1.6130 the downtrend stays intact as well.
However, with equities and gold going higher almost every day, the USD is weak. Can this continue forever? Most likely not, but I am not the one trying to catch the reversal. Too expensive!
Therefore I entered long EUR GBP yesterday @0.9320.