GBP/USD SHORT TRADE UPDATE (NO CAT)
GOOD EVENING STEEMIT!
I just wanted to do a quick trade update while the forex markets are closed for the weekend. I’m enjoying some downtime as it’s a long weekend in my part of Australia and I’m not looking to take any new positions to start the week.
Here’s a quick before and after shot as I look to just manage the position I’ve found myself in below:
From my last GBP/USD short setup blog:
GBP/USD Hourly
To the current live chart:
GBP/USD Hourly
As you can see, after holding higher time frame support, price has continued to obey short term levels by retesting previous support as resistance on the hourly. It’s here that I look to enter.
When it comes to forex trading, I always trade the same setup over and over again. Find a setup that works for you and you see them in your sleep, they become such second nature to you.
Check out the still active EUR/JPY long trade that is also playing out nicely for an inverted view of the same setup.
Are you on board the short train? Leave me a comment or share a chart and let me know what you’re thinking.
Peace!
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Upvoted and also resteemed :]
You must be Australian because you're so generous. Thanks
Where did you learn charting?
This is just my own method formed from just the most simple support/resistance drawing techniques. There's nothing special here, just good levels and smart risk:reward.
I love it how crypto markets are 24x7. The traditional markets would be a lot better if they did the same.
Haha it certainly is a point of difference. I do quite enjoy the downtime that the weekend gives you when trading forex though.
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STOPCheers braaa.