GBPUSD Short 05 May 2020: +2.66R Profit

My short term bias for GBPUSD turned bearish when it broke below its 20ema line and its MACD line crossed below its signal line. I placed my sell order to go short when GBPUSD retraced up to its declining 20ema line.

GBPUSD 4-Hour Chart

My sell order was filled at 1.24547 on 05/05 14:34hr with SL and TP placed at 1.2495 (-40.3 pips) and 1.2295(+159.7 pips) respectively for a +3.96 potential reward/risk ratio.

As GBPUSD approached its uptrend line, I closed half of my position at 1.2340 for +114.7 pips profit on 06/05 23.49hr.

I lower my SL for my remaining position and it was hit at 1.23553 on 07/05 14.03hr for a +99.4 pips profit. Good that I did since GBPUSD spiked up after that.

I completed the trade within 2 days for an overall +2.66R profit.

Disclaimer:

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.