Potential Long Position for GBP/USD_Trade Plan 2017.08.04
Updated
Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level
D1 and H4 are both showing the overall trend is still up with price holding above MA200.
In H1, yesterday price pull back so deep to the major support area around 1.31060 - 1.31188 after GBP Interest Rate news released.
For the last couple hours, price is moving sideways slightly above this area and just broken up minor Ascending Triangle pattern.
Trade Plan:
As a second chance entry, if price pull back to the support area once again and rejected up, long the market.
With Stop Loss 35 pips and Target Profit 85 pips, the potential trade offers 2.43 Reward-to-Risk Ratio.
Order cancelled
Failed and not triggerred.Massively breaks down below support area when US NFP News released.
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