GBP USD - Possible long entry signal developing
Updated
The price is on the lower trend line of this wedge and it is an area of interest for me to get a possible long trade on if the price action is right. I will be looking for the candle to close above the trend line to form a Bullish pin bar. The pair has the possibility to hit the top trend line on the next move up however I will be taking at least 1/2 of the position for profit at the resistance line shown and then ill wait for price action and see where the RSI and Stoch are sitting so as to confirm a further move up, if bearish price starts to develop or the market starts to consolidate i'll look to take profit sooner. As the pair has been showing lower highs it would less probable that we could see the top trend line reached on this move up. Especially as we have been seeing USD strength which could help push this pair down on the longer term.
Note
Took trade on the open of the candle following the minor bullish pin bar. Profit target and stop loss set.
Trade closed: stop reached
The stop was hit and looks like that was the low before the pair trade back up to the entry before the close of the session. Unfortunate on the stop, however my rules were set and i stuck to them. So that s the important thing.
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