Counter Trend Trade on GBPUSD

Counter Trend Trade on GBPUSD

GBP/USD OANDA:GBPUSD



GBPUSD has been trending down heavily and has stalled on support forming a bullish pin bar .
This signals a possible retrace in the down trend.
We might hit resistance at the 1.27 level. Depending on what price does at that level, I might close out earlier. The trend seems strong, therefore the retrace may be shallow.

Here is my entry in my trading log:
Date Pair Direction Trade Trend Level Signal Entry
2019-06-02 GBPUSD Long Counter Trend Down Horizontal Support Pin Bar break