GBPUSD short reverses to GBPUSD long

The GBPUSD short trend failed to develop - so the FX Trend Snagger model has stopped out the short position here at the close of trading at 1.6116 and reversed the position to long at the same price. The new stop is 1.6015 offered.

Trade ticket:

The 207k traded represents the buying back of the 102k that was short and then going long 105k as the volatility has fallen a bit in GBPUSD since the previous signal (and therefore allow a slightly larger position with a slightly tighter stop than previously)

Note that this is a borderline signal and if GBPUSD falls again sharply tomorrow, the trade could be quickly stopped out as was the previous short trade. But in such a case, with two bad signals in a row, the model would zoom out and wait for a larger range break before trading again. Stay tuned. 

At the current market volatility, the first trading target would come into view around 1.6350, but let's see how the market develops.

Current positions and open orders: