GBPUSD BULLISH BREAKOUT TRADE SCENARIO - 14X RISK/REWARD
Updated
We have a strong bullish breakout of the Kumo cloud, a Kumo twist, and a nice bullish RSI divergence.
Upper boundary of Kumo along with the Fib level held as a nice resistance.
Lagging strand of the Ichimoku graph has not collided with previous prices--yet. This is a signal for consolidation.
There are a few possible plays here: a minor channel-based play with an exit in the middle of the black consolidation area; a buy-in after the Resistance line and exits at or below ~1.358
Upper boundary of Kumo along with the Fib level held as a nice resistance.
Lagging strand of the Ichimoku graph has not collided with previous prices--yet. This is a signal for consolidation.
There are a few possible plays here: a minor channel-based play with an exit in the middle of the black consolidation area; a buy-in after the Resistance line and exits at or below ~1.358
Comment
Those making the short-term trend-channel play should be looking for the door in this area as we reach a consolidation zone.
Those looking for the juicy 14x and 5x trades above Resistance: it's looking promising so far.
- Bullish divergence is still being maintained
- lagging strand is still free of collision with previous prices
- a "hammer" candle bottomed out and re-affirmed the trend channel
- forming another bullish candle right now
WAIT FOR A BULLISH CANDLE BREACH OF THE RESISTANCE LINE. DO NOT BUY IN THE CONSOLIDATION ZONE.
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