I have entered the blog into a hedged short on the GBPUSD - the 4hr chart above, shows a potential longer term push of the bears coming.
Hedge Entry: 1.5990
Hedge stop: 1.6080
Hedge target: 1.5820
In addition to the GBPUSD hedge, the AUDUSD 4HR chart shows a break of the trendline to the downside. This break coincided with a close below the 100% retracement of the YELLOW trend origin, and I expect a downward push in the form of a breakout retracement, or consolidation pattern to the downside. Both of which have given me confidence to pull the trigger on the short. SL at 100 pips profit at 160 pips..
Entry: 1.0243
SL: -100 pips
Target: +160 pips
As always, trade at your own risk. My blog is for educational purposes, demonstrating my own strategy through the use of traditional methods combined with my personal indicators. My trades should in no way be taken as absolute fact, while I have achieved relative success trading - I am still susceptible to periods of draw down. In order to live to trade another day and survive through periods of draw down, it is important to manage risk appropriately.
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