GBPUSD Buy @ 1.3218
Updated
Reason for trade:
Weekly - Price has been consolidated for the past 1 month. Weekly timeframe perspective wise, it has been well supported for 4 weeks.
Thus it qualify as a bread & butter setup/trade. 23/10 Weekly candle shows high volume. Thus was waiting for the following week
for the market to present itself with a bullish engulfing candle before entering buy position. Will be expecting a bullish weekly
candle close.
Daily - High volume coming in at area of support that coincides with previous high volume trenches. Note that it has the potential to hit 1.39,
then 1.42 in the coming weeks. However mid-term target will be 1.3570 first.
Additional note: Bank of England interest rate in 1 hour 30 mins time
Weekly - Price has been consolidated for the past 1 month. Weekly timeframe perspective wise, it has been well supported for 4 weeks.
Thus it qualify as a bread & butter setup/trade. 23/10 Weekly candle shows high volume. Thus was waiting for the following week
for the market to present itself with a bullish engulfing candle before entering buy position. Will be expecting a bullish weekly
candle close.
Daily - High volume coming in at area of support that coincides with previous high volume trenches. Note that it has the potential to hit 1.39,
then 1.42 in the coming weeks. However mid-term target will be 1.3570 first.
Additional note: Bank of England interest rate in 1 hour 30 mins time
Trade closed manually
Exited at a loss, -107.1pips. Price is still nicely supported, exited due to prudence.
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