GBPUSD Triangle Short Trade

GBPUSD H4

I was waiting for this setup to materialize and it finally did.

Although the price is bouncing from trendline, but it not breaking previous highs. This can be a indication and bull momentum is fading out.


This setup was on my radar from past few sessions and wait wait finally paid off. Previous post [here]. I went short at 1.6288 on touch of resistance area. Now my stop at BE.

If any bounces towards the resistance will be good opportunity to add to short positions.

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GBPUSD Daily

UPDATE 24-Dec-12 3:02GMT: 
I booked my short trade at start of the Christmas week.

In this week price action remains dull.

I went short at 1.6288 and booked my short at 1.6170.

A total profit of +118pips.