GBPUSD short

This daily candle looks like a good sell signal, the move we have made the past days looks like a wedge . Stop is red, entry is blue

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Wait for the price to make a slight turn down on the lower time frame, only then get in. This prevents getting caught in a squeeze up

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I would move stops to entry now, for a free ride or to 1,3180ish. This bounce is still normal but a bit stronger that i would have liked. We can also re enter again when the pattern stays valid.

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Looking better now, i would move at least 50% for stop to that red zone on the left. I would take 50% profit around the target and trail stop the rest. Because if that support breaks, it could drop even more! Because when you zoom out, you can see a big H&S with the neckline at that green zone

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Target reached, close 50% if you have not already done that and trail the rest with a stop starting at the yellow level

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Now move the stop to that red zone, i would close the remaining 25% in those 2 orange boxes

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Looks like a bearish wedge, that might test the neckline of this possible H&S. It should drop below the support line soon, otherwise it will probably become invalid. So wait for a break of the wedge before shorting it, and use the neckline as a stop level.
The red circles are the TP levels.Don't forget to adjust the stop when it starts to drop.

botje11

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botje11

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