a red candle has closed completely below the 100 SMA on the 4- hour chart. And looks like the other indicators are also suggesting a downward trend for the sterling, with the Moving average crossover and MACD and stochastics heading lower.
I entered into the position as soon as the candle closed. Since this is a play on the 4 hour chart i'm going to hold this position a little longer than i normally do.
I'm going to use a risk-reward ratio of 1:2 on this trade.
I'm placing my stoploss at 1.5771which is 10 pips above the high of the last candle above the 100SMA.
I'll place my target level at 1.5309, and if spot moves 100 pips below my entry level, i will move my stoploss to breakeven.
Trade:
Sell GBP/USD at 1.5617
Stoploss at 1.5771
Target at 1.5309
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