Potentially bad GBP/USD trade

Hey guys,

See chart below for trade I made on GBP/USD:

I saw rising trend and at pullback indicators came into line and bullish candle formed on 25th August. Got in at 12975 level (in hindsight might have been too high) - stop loss at 12768 and targeting 13200 level.

However, as chart below shows as I zoom out:

I see major descending trend on weekly time frame and price has just pulled back to upper trendline.

Thoughts on this - which way are you trading?

Cheers, Chris

According to your picture, i would buy GBPUSD on Friday?

Hey alphahavoc,

I personally try to stay away from buying on Fridays just because market seems to have a tendancy to jump sometimes after the weekend.

I think if positive NFP data comes in and you get a bullish candle you could well buy after the weekend - might be worth waiting til after price has pushed passed 13026 level - area of previous resistance and descending trendline cross - then pulled back to this area to trade - patience may be the key.

However, I should say that I am in no way and expert and this is just my thoughts - please don’t blindly follow.

Anyone else have any thoughts on this?

I would open a trade in the asian session and close about 1 or 2 hours before Nfp regardless i’m negative or positive. In case i get whipsawed during nfp

I think GBP/USD trade certainly coming to a head where will see if the major downtrend will win out over the uptrend seen over the last few months.

Still got bullish signals on daily chart at the moment but price is milling around without any clear direction currently - political turmoil in the UK surrounding Theresa May’s leadership and Brexit fears refusing to let GBP bulls enter the frey - US worries over inflation, Trump policies and Kim Jong Uns disposition towards cataclysmic toys also bearishly pressuring USD.

I have seen wedge forming on 4 hourly chart - with upper resistance area being just at my entry point - of course - indicators all showing bearish momentum at the moment but changes can quickly happen - losing pips at the moment but interested to see which way this pair will travel.

Any of you guys trading this one at the moment?