GBPUSD 05 May 2021 Short Trade Breakeven

REASONS FOR TRADE:

Daily chart: 10-day MA was angling down.

4hr chart: Testing resistance zone with stochastic %K at overbought level.

See GBPUSD daily and 4hr charts below.

GBPUSD Daily and 4hr charts

ENTRY:

My short order was filled on 05 May 2021 21.00hr at 1.3910. The initial stop and take profit were placed at 1.3945 and 1.3820 respectively.

EXIT:

GBPUSD was very volatile the next day as you can see from the Doji candle with long upper and lower wicks on the 4-hr chart. I decided to lower my stop to breakeven ahead of the NFP report on the 07 May 2021 (Fri). Good that I did. My breakeven stop was hit at 1.3908 before the NFP report was out which resulted in the GBPUSD surging higher.

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.