GBPUSD: Possible Buying Opportunity
Updated
Here is an example of a possible long trade which is based on a reversal from SMA200. As you can see the price is moving sideways above SMA200. It is a consolidation period which will be changed into a new price movement up or down. Let's say that the price is going to move upward. How should we trade?
We can buy using the reversal signal from SMA200. The 2nd entry point can be above the local downtrend line. The breakout above this line will be a solid bullish signal.
Estimated entry and exit points are:
Entry above 1.28250
Stop below 1.27910
Profit Target at 1.29985
Risk per trade must be no more than 2% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
We can buy using the reversal signal from SMA200. The 2nd entry point can be above the local downtrend line. The breakout above this line will be a solid bullish signal.
Estimated entry and exit points are:
Entry above 1.28250
Stop below 1.27910
Profit Target at 1.29985
Risk per trade must be no more than 2% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Note
If you missed the breakout signal, the next buying opportunity will be at the broken downtrend line.
Disclaimer
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