Possible trend shift in GBPUSD – going short

Possible trend shift in GBPUSD – going short for SAXO:GBPUSD by FXCM

Possible trend shift in GBPUSD – going short

The Tidal Shift Strategy has just sold GBPUSD at 1.29317. The system recommends entering this trade at any price between 1.29021 and 1.29613. The signal was issued because our Speculative Sentiment Index has hit its most extreme positive level for the past 145 trading hours at 1.09934, which suggests that the GBPUSD could be trending downwards.The 14-period Average True Range on a daily chart is 0.00237, so the stop loss has been set at 1.30501. This stop loss order is a trailing stop that will move down as the market moves down. There is no profit target for this strategy. We expect to be closed by the stop loss.Tidal Shift is a trend trading strategy that aims to catch shifts in trend using trader sentiment as an indicator. The strategy looks to buy when the Speculative Sentiment Index reaches its lowest value for the past 145 trading hours, and looks to short when it reaches its highest value for the past 145 trading hours.

Signal ID: 73694
Time Issued: Friday, 16 October 2020 08:00:16 GMT
Status: open
Entry: 1.29021 – 1.29613
Limit: N/A
Stop Loss: 1.30501

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