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

Trading Discussion
1

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

2

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

3

what time frame you guys going on this?

4

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