Dear Trading Idea Traders

The last trading idea did not play out as well as expected. Indeed we were stopped out on the DAX trade. That is not so important- there would be and should be losers along the way. That is what makes the trading profession interesting. As long as you know how to manage your risks accordingly, you would be rewarded well. As I like to say- look at the next 100 trades.

Today’s trading idea is coming from the GBP/USD pair. I am seeing a bearish rejection candle. We are in a bearish trend, but at the same time, I do see some reversal characteristics. At the same time, there is a this bearish rejection candle, which has formed on the daily timeframe. I am looking to enter into a long trade at around the level of 1.5033. My stop would be placed just under the level of 1.4955. My primary target is the level of 1.5200. From then on, it all depends on price action.

Happy Trading,

Colibri Trader

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