GBPUSD - Brexit pending
Updated
Will be taking a long position on GBP/USD based on the following reasons:
- Bullish hammer candle on Weekly TF.
- Rejection of 0.786 fib
- Respected ascending trendline
You might be thinking that I am super crazy by taking this trade, especially with the referendum only a couple of days away, however I feel as though the UK will not be leaving the EU and this is purely my opinion. I am willing to take on a higher risk as the risk/reward ratio is a lot higher. I expect a 1500 pip move as a minimum, which would blow away some really key levels regardless of which way the vote goes.
If you are taking a similar trade and running the risk, ensure that your brokers either have a guaranteed stop loss or a NBP (negative balance protection) to ensure that you do not end up with a blown account.
Trade safe
- Bullish hammer candle on Weekly TF.
- Rejection of 0.786 fib
- Respected ascending trendline
You might be thinking that I am super crazy by taking this trade, especially with the referendum only a couple of days away, however I feel as though the UK will not be leaving the EU and this is purely my opinion. I am willing to take on a higher risk as the risk/reward ratio is a lot higher. I expect a 1500 pip move as a minimum, which would blow away some really key levels regardless of which way the vote goes.
If you are taking a similar trade and running the risk, ensure that your brokers either have a guaranteed stop loss or a NBP (negative balance protection) to ensure that you do not end up with a blown account.
Trade safe
Order cancelled
Phew.. well, that was unexpected
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.