Long or Short: Short
Entry Point: between 1.560-1.565
Stop Loss: 1.575
Profit Target/s: 1st 1.520 and 2nd 1.512
Reward-to-risk Ratio: 3:1
Risk percentage: 1%
Indicators used: Fibonacci levels and MACD
Trade Discussion: Now GBPUSD looks like resume downtrend of this week (19-23 sep). I think if this downtrend is third wave, cause of very large MACD, this rebound may be fourth wave. By Bill’s identifying, MACD of fourth wave much has positive value and moving back to below zero line and forming divergence at the end of fifth wave. So, we are waiting for fourth wave end at target zone, identifying by Fibonacci levels, and go short for surfing fifth wave. Good luck!!!
