Double Pitchfork Short Setup - GBPUSD

16 mag 2016

A nice setup took shape on GBPUSD. With a double top as confirmation this trade is opened. Initial profit target is the median line of the blue pitchfork and a SL that provides a 1:1 RR. Here's hoping this trade will make up for the couple of setback from the end of last week.

16 mag 2016

Trade attivo

Entry Price: 1.44055
Initial SL: 1.44252
1st Profit Target: 1.43858

16 mag 2016

Nota

After a couple hours, the trade is in profit and it appears that price is respecting the major pitchfork (red). If this level is maintained, price has a good chance of reach 1.435 levels following this test and bounce from the upper pitchfork line.

16 mag 2016

Nota

Price made another run up to the high but failed to make a higher high. I believe the trade is still valid but during the mid afternoon lull, prices have wandered about some.

17 mag 2016

Trade chiuso: stop raggiunto