Latest Trade Ideas

Candlesticks Intraday

Trade Idea : GBP/USD - Hold short entered at 1.3440

Typography

GBP/USD - 1.3380


Most recent candlesticks pattern   : N/A

Trend                                 : Near term up


Tenkan-Sen level                 : 1.3378

Kijun-Sen level                    : 1.3392

Ichimoku cloud top              : 1.3455

Ichimoku cloud bottom        : 1.3424


Original strategy :

Sold at 1.3440, Target: 1.3340, Stop: 1.3465

Position : - Short at 1.3440

Target :  - 1.3340

Stop : - 1.3465


New strategy  :

Hold short entered at 1.3440, Target: 1.3340, Stop: 1.3440

Position : - Short at 1.3440

Target :  - 1.3340

Stop : - 1.3440


Cable traded narrowly after falling to 1.3358 yesterday and further sideways trading is seen for the fall from 1.3550 resumes, below said support would add credence to our bearish view that top has been formed at 1.3550, hence downside bias remains for at least a retracement of recent rise to 1.3340-50 (61.8% Fibonacci retracement of 1.3221-1.3550) but near term oversold condition should prevent sharp fall below 1.3300 and reckon 1.3260-65 would hold, bring rebound later. 

In view of this, we are holding on to our short position entered at 1.3440. Only above said resistance at 1.3461 would defer and risk test of resistance at 1.3483 but break there is needed to signal an intra-day low is formed instead, bring another bounce to 1.3530-35 first.