Signal closed at 31 pips

GBP/USD Bear Pennant

Position:
Short
Symbol:
GBP/USD
Timeframe:
M5
Trigger:
1.28218
Target:
1.127479
Price Stop:
1.28914
Time Stop:
Entry:
Sell Market
Results:
31 PIPS

Signal Instructions

I just scanned all the majors tonight and the GBP/USD seems to be my favorite setup. It appears to be a solid bear pennant. From what I can see we should see the pennant close around the London open. Which means we should see a nice breakout around that time. I picked the target at 1.27479 because it seems to be nice stopping point on the daily chart. I think this market is not done dropping until we start hitting some of those levels on the daily. I have given us a little bit of room on the stop because if the market goes against us I believe we can fix it later if the market goes up instead. See you guys in the War Room tomorrow!


Signal Updates

I just booked +31 pips of profit on half my position. Bring your stop loss to break-even on the remaining half position. You will do this by opening a buy order that equates to half the size of your sell.

Remaining closed at break-even.