GBP/USD Bear Pennant
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!
— 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.