Long

GBPUSD - INTERESTING LONG PROFITS

Updated

There's a great deal of uncertainty this week driven by various UK metrics, the G7, FOMC meeting and quadruple witching, so I'm expecting to see continued dollar strength in the very short term. I'll be looking for an entry signal at 1.4 with targets up at 1.425 and above.

Trade active

Entry at 1.41

Note

I'm expecting this to pull back to 1.4036 at some point. The GBPJPY trade has already shot off like a rocket, lots of bull power in that one, but not FOMC to worry about. Keep your eyes on the DXY and how that is performing

Note

As expected a pullback to 1.4036, so I added another position

Note

We're now into the important 1.40 zone, let's see what happens

Trade closed: stop reached

Note

Obviously, this and all other assets moved much more than was expected post FOMC meeting, and it was an overreaction if you ask me, so now is the time to wait for price action triggers to confirm support and resistance areas, focus on the weekly, daily charts and only go below to 4H and 1h to confirm those areas.

Note

As you can see the support and resistance zones are doing their jobs perfectly, wait for a pull back between 1.38 and 1.39 to get an entry, this is a long term bull market, we are always a buyer on the daily chart

Note

The DXY is strong right now, so this is not a trade we're looking at

Note

I'm actually short this pair now

CBMotivation

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