GBP USD - Awaiting confirmation
Updated
Great movement from this pair - got caught out trying to short the pair for a pull back to a bearish bias (60 pip loss today) but overall a profitable day.
Just closed a buy trade as am looking at the 1.2 zone.
Previously this was a support zone but am conscious support zones flip into resistance zone ... therefore awaiting 1 hour confirmation and then if it is the right move a buy position from 1.20100 to 1.22500
For me the bull run will be valid if we can break the 1.2015 zone thus using the trend line as support, breaking of the 1.20450 zone which was previous resistance and then all other values marked on my chart.
4 hour chart stoch shows overbought which is something I am keeping an eye on in addition 50 EMA looks to rise but patience is key - weekly and monthly indicators support the long trade.
Happy trading!
RR
Just closed a buy trade as am looking at the 1.2 zone.
Previously this was a support zone but am conscious support zones flip into resistance zone ... therefore awaiting 1 hour confirmation and then if it is the right move a buy position from 1.20100 to 1.22500
For me the bull run will be valid if we can break the 1.2015 zone thus using the trend line as support, breaking of the 1.20450 zone which was previous resistance and then all other values marked on my chart.
4 hour chart stoch shows overbought which is something I am keeping an eye on in addition 50 EMA looks to rise but patience is key - weekly and monthly indicators support the long trade.
Happy trading!
RR
Trade active
Trade in playTrade closed manually
Profit taken 100 pips :) ... Needed to recover some losses so played the safe bet by closing the trade in profit from the trend line.Had 3 entry points:
1.19610
1.20000
1.19519
Had another analysis of the chart and am trading a new strategy which I will post next.
Happy trader and happy trading
RR
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