[TW] 7-18-2011 GBP/USD (short) by jenesaisquoi


[B]Long or Short[/B]: Short
[B]Entry Point[/B]: 1.6200
[B]Stop Loss[/B]: 1.6340
[B]Profit Target/s[/B]: 1.5900
[B]Reward-to-risk Ratio[/B]: a little more than 2:1
[B]Risk percentage[/B]: 1%
[B]Indicators used[/B]: 100 SMA, Fibo
[B]Trade Rationale[/B]: i’m expecting the long-term downtrend to continue. THe rally in GBPUSD has been very strong in the past couple of days, it might be overdone. With all the bad UK data this week, it’ll be hard to sustain GBPUSD strength.
[B]Trade Adjustments[/B]: Moving my stop to breakeven if i get triggered and price reaches 1.6100. I may take half my position off at 1.59 and let the rest ride.