GBPUSD Hello all! Looking to make a long on GBPUSD.
Looking purely from the standpoint of momentum and price action. The Daily shows us higher highs and higher lows still, although a caveat to this is a slight decrease in volume as traders are increasingly cautious on the UK CPI data next Wednesday 19th July. In light of this, we shall plan for a continuation and exit if necessary. Remember: luck is when opportunity meets preparation.
Zooming in to 4 Hrs and 1 Hr TF, we can see hidden divergences for a continuation of trend so for now, traders are still bullish on GBPUSD. CMO technicals also indicator a 80+ momentum with 50 indicating a bullish trend so for now, we are in the clear.
Nonetheless, a tight stop is always exercised and will pull the trade when necessary. Long is set in supply zone that can be see on 4 HR TF. Will keep a tight SL but we are aiming for a 11:1 RR. Entries can be seen on charts long cordinates.
All the best!
Order cancelled
Trade long worked however, the short's entry did not play out...
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.