gbpusd-m15-20161014
GBPUSD M15, Resisted and Fell from Falling Trendline
gbpusd-m5-20161014
GBPUSD M5, 2 Minor Retracements Completed after Previous Wave of Depreciation

Technical Analysis:
The price was resisted by a falling trendline that was formed since the plunge and has completed a wave of depreciation, followed by the completion of 2 minor retracements and within the London market hours.

Market Sentiment:
The dollar continued to strengthen after some minor retracement on Thursday, showing little weakness and exhaustion from strengthening further. As for the pound, it is set to weaken further as uncertain grew deeper after the sudden plunge.

Trading Plan:GBPUSD.M15 20161014 trading plan.png
Short full risk after 2 minor retracements has completed.

Stop loss was set 24 pips above a probable 3rd minor retracement.

First take profit level seen at next support level 1.2146 and based on the previous wave of depreciation, followed by the next support zone at 1.2095.

Modification:
[14/10/16 18:35]
Exited 1/2 position as price closed above previous high.

GBPUSD.M15 20161014 mod1.png
GBPUSD M15, Price Broke Above Previous High

[23:58] Full Exit due to the end of the trading week.

 

Results: Gain 0.48%GBPUSD.M15 20161014 results.png