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1-5-17 Gbp/Usd Scale Short Overnight trade with quick TP

01/09/2017

Trade: Scale short on GBP/USD fib and candle topping pattern for short term trade targeting fib retracement of recent H1 swing move higher

This trade was taken in combination with a Eur/Usd short placed at the same time, so it was fairly low leverage.

Entries: .618 retracement of prior h1 swing move higher; .76 of same move and additional at slightly above previous highs

Target: .5 fib retracement of H1 swing move high / prior daily move and signifigant prior resistance zone confluence.

Pips appx:  +63+47+18=129

20/20 Hindsight:  Good exit and close before FOMC day.  Next time, perhaps don’t short the GBP and EUR the evening before FOMC, less movement, and flexability if things go wrong.  Otherwise, good entries, management and trade exit.

Chart 1: H4, entries at fibs, topping pattern and MA

 

002-1-5-2017-h4-gbpusd-short-on-prior-highs-fib-ret-and-ma-should-have-bought

Chart 2: M15, exits on Fib retracement of prior move higher (next time consider TP a little quicker or trail stops, that was a little too close to the spike long before the FOMC move.  Consider moving stops down to consolidation pattern rather than a hard tp)

003-1-5-2017-h5-gbpusd-tp-on-fib-retrace-next-time-buy-here-overnight-maybe

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