16 Mar 2015

SHORTING THE GBP/USD RETRACEMENT

GBP/USD 30M

After the huge drop last friday, the rate found some support at 1.4700 on monday morning. As the rate has made a 61.8% retracement from the friday move lower I have decided to jump in the trade.

I will be lowering my stop at break even when price hits 1.4700 and taking a small profit, but will be trailing the rest of the position as long as I can.

I went short at 1.4785 with a stop at 1.4910 and open profit target.

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