Illiquid: It just looks like it will keep decreasing, but still im not sure, as they tend to bounce up after having decreased so much. However, I expect it to decrease to 1.7560 quite soon. Its however repeatedly meeting support at 1.7598 and resistance at 1.7630. But it is in a bearish mode, and I think this state will hold for a while.
Ivan, I know the answers won't help, figured some questions would help clarify why he expects to profit from other traders with this trade. Drasfs, whatever your reasons, if it takes price going down to make you bearish, you know you're behind the curve. Good luck.
You will need a trading model and mentor. If not a mentor, then someone who you can collaborate with. Ideally you should have sold GBPUSD close to the trendline in the Asian market. Perhaps around 1.7790 with a stop loss above the trendline. 1.7618 according to my trading model is already in oversold territory. Though there is potential to 1.7530, the risk to reward ratio at 1.7618 is not as good as at 1.7790. I have read some of your post. Keep on learning. It will be a while before you get your feet under you. Work on your trading model, then you won't have to "talk to strangers" when you are unsure. Just kidding.
Thanks for the encouragement deptrai .. Yep im just learning now, even though ive made around 25% in return in just one and a half week Ivnt got a trading plan right now, which I ought to have..and I should stop taking such huge risks. Im constantly using 200 leverage... But how did you conclude that one would liquidate at 90? Im however thinking of shorting again if it ever reach 30 and TP around 1 or 98...
Trading model. Going forward it would be a very good idea if you quote the base rate as well. Then all of us will be on the same page. For example, 1.7790 rather than 90.
No problem, I will do that from now on. Here is my view whatsoever on this pair from.. Resist. 1.7987 1.7882 1.7843 Support 1.7710 1.7738 1.7672 1.7567