After taking support at 200 DMA the pair making higher high and higher low pattern but we do not forget the double top which is already marked on the chart. Key pivot for this long trend would be 1.6850, till this level holds you can maintain the long position. On the breach of 1.6850 one should avoid trading in a pair till the clear trading pattern emerge on the chart. According to our mechanical trade set-up on can go short below 1.6850 level for the first tgt of 1.6810.

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Tags: gbpusd, indicator, outlook, strategy

Comment by Daologic on May 23, 2014 at 5:56am

For short, what SL do you recommend? Thanks!

Comment by Hemander Jain on May 23, 2014 at 7:27am

Short call is given based on the mechanical set-up, stop and reverse strategy. After getting the short triggered we follow the trailing stop loss strategy. If the trade fails and move upwards we look for the buy set-up when buy set-up give the signal we close the short and establish long position.

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