GBPUSD LONG SETUP
GBPUSD: The UPTREND on the pair is very intact, so buying with the TREND will be the thing as a TREND following trader. We saw throughout January 2021 how the price was pressuring the resistance ray of the ASCENDING WEDGE PATTERN extending from support ray extending from March 2020 Coronavirus Low, before we finally saw the breakout above the resistance ray in February with retest holding and continuation upward, on 5th of March we've price come back again to retest the resistance ray turn support, we had a 4H PINBAR (rejection candle invariably trend continuation candle), which send price higher last week and we keep finding resistance @ 1.4000
Literally, I apply few patterns as EDGE in my trading strategy, clearly indicated on the chart is HEAD & SHOULDER which price been forming up since Feb21 until the close of last week with the left shoulder yet to be completed, a break above the neckline of the H&S @ 1.4000 will definitely send price higher exposing 1.4300, 1.4330 zones as the target before we look out for more price action after taking a profit.
Personally, I'll like to get involve early, in view of this, I'll be looking out for price action if we can see the price come back to the support zone of the left shoulder @ 1.3865 zones, that will be my zone of interest to take a LONG position and add more position when the price eventually gets above the outlined HEAD&SHOULDER neckline, but if price didn't respect the support of the left shoulder that will negate the first intended ENTRY, going into next week @ 1.3760 will be support.
Literally, I apply few patterns as EDGE in my trading strategy, clearly indicated on the chart is HEAD & SHOULDER which price been forming up since Feb21 until the close of last week with the left shoulder yet to be completed, a break above the neckline of the H&S @ 1.4000 will definitely send price higher exposing 1.4300, 1.4330 zones as the target before we look out for more price action after taking a profit.
Personally, I'll like to get involve early, in view of this, I'll be looking out for price action if we can see the price come back to the support zone of the left shoulder @ 1.3865 zones, that will be my zone of interest to take a LONG position and add more position when the price eventually gets above the outlined HEAD&SHOULDER neckline, but if price didn't respect the support of the left shoulder that will negate the first intended ENTRY, going into next week @ 1.3760 will be support.
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