GBPUSD SHORT Setup

[www.Pipsandtips.com]

Hello traders,

We just took a trade SHORT GBPUSD @1.6698, Stop @1.6737, Target @1.6615.

The trade is based on a SHORT signal on our system, combined with a good resistance zone at 1.6727 on M15, M30 and H1 charts. We consider the trade to be a good deal given the general direction of the trend, the confluence of levels on the Live System and the relatively tight stop.

We will move stop to break even if trade goes over +25 pips profit.

We'll update as it progresses. Members keep your eyes on the levels and adjust stops if needed. 

Good luck!

[www.Pipsandtips.com]

Since the correction appears to be ending on the smaller charts, we just added another 1 lot to our SHORT from 1.67, Stop @1.6740. 2 lots total exposure at the moment.

[www.Pipsandtips.com]

Both positions are now around +25pips in profit,  we're moving stop to break even for the second entry (taken @1.67) and 1.6725 for the first. 

Maximum risk is now limited to -27pips on both entries. We will give these trades some room and see if we can hit our target by NY open tomorrow.

Happy trading everyone!

[www.Pipsandtips.com]

Re-entered now SHORT @1.6662, Stop @1.6699. Target is 1.6577. 

The system is currently signaling SHORT with a cluster of resistance levels at 1.6677-1.6698, an excellent setup for a re-entry. 

We're counting to easily cover the -27pips loss from the first entry and make some nice additional profits. We also went SHORT EURUSD a few minutes ago.