GBPUSD Long - 4hr Butterfly Reversal - Entering now, before NFP
Hello all - DuncanForex here with another trade idea
Following my previous trade which did not work out, on a 61.8% retrace approach with a Head and SHoulder pattern on the 4hour chart the price action has now created a butterfly pattern instead.
With the opportunity for a great win vs risk ratio
I have now entered long and looking to ride this through the NFP on Friday.
With USD weakening and other pairs across the board with varying degrees of strength
I expect GBP USD to trade well
With the EURUSD trade holding at the 61.8% retrace level also
I am expecting both these pairs to head higher as the weak unfolds
Thanks for looking
Duncan
Following my previous trade which did not work out, on a 61.8% retrace approach with a Head and SHoulder pattern on the 4hour chart the price action has now created a butterfly pattern instead.
With the opportunity for a great win vs risk ratio
I have now entered long and looking to ride this through the NFP on Friday.
With USD weakening and other pairs across the board with varying degrees of strength
I expect GBP USD to trade well
With the EURUSD trade holding at the 61.8% retrace level also
I am expecting both these pairs to head higher as the weak unfolds
Thanks for looking
Duncan
Trade active
Hi AllI have entered more trade entries at 1.2580 area based on the last 4 hour candle now closed.
Trade closed manually
Hi all - entries closed at entry point before NFP and break even occurred due to price dropping
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Related publications
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.