Across the GBP pairs, there is one similarity that we can see clearly now… GBP is weakening across the board. Our trade yesterday did not trigger. In fact, GBP broke through support and a reversal took place.
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Like we have with all the London DayBreak Strategy, we will enter only into position if the Bears take charge. So our approach has to be a sell stop order for this trade idea.
- Sell Stop order: 1.71625
- Stop Loss: 1.72105
- Take Profit: 1.71200
- Expiry: if this order is not triggered in 5 hours, let this trade expire.
This is the beauty of momentum trading. No momentum… no trade. And to do this during the London Open, the increase in volume will add volatility and movement if breakout happens.
Last note… sometimes in our haste to get the signals out, you can expect some mistakes/overlook. Please use common sense when entering the trade. Any questions or feedback… comment below. Have fun and good luck with this trade.
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