GBP/USD – BUY (LONG)
Updated
GBP/USD – BUY (LONG)
GBP/USD are showing clear potential of a Head and Shoulders pattern being formed with the final right shoulder about halve-way completed.
The current Bull trend have just pushed though a major Daily Supply Area which is a further indication of a strong Bull rally to be expected.
Minor Elliot wave expected during the overall INTERMEDIATE UPTREND (see wave pattern A,B,C,D,E for minor wave pattern)
We are trading the Intermediate wave pattern (see wave pattern 1,2,3,4,5 for the intermediate wave pattern)
An immediate entry can be done once market opens on Monday.
Entry:
Immediate Entry at: 1.25760
Take Profit:
TP1: 1.27336 (move SL to TP1 once reached)
TP2: 1.28859
Stop Loss:
Stop Loss at around 1.24790
Good Luck – Trade Responsible
Use 1% risk per Position!
Always strive to continuously improve your trading strategy and knowledge
GBP/USD are showing clear potential of a Head and Shoulders pattern being formed with the final right shoulder about halve-way completed.
The current Bull trend have just pushed though a major Daily Supply Area which is a further indication of a strong Bull rally to be expected.
Minor Elliot wave expected during the overall INTERMEDIATE UPTREND (see wave pattern A,B,C,D,E for minor wave pattern)
We are trading the Intermediate wave pattern (see wave pattern 1,2,3,4,5 for the intermediate wave pattern)
An immediate entry can be done once market opens on Monday.
Entry:
Immediate Entry at: 1.25760
Take Profit:
TP1: 1.27336 (move SL to TP1 once reached)
TP2: 1.28859
Stop Loss:
Stop Loss at around 1.24790
Good Luck – Trade Responsible
Use 1% risk per Position!
Always strive to continuously improve your trading strategy and knowledge
Note
Fundamental Consideration:Fed Chair Powell Speaks (Federal Reserve Chair Jerome Powell) – Wednesday 10 July
As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy
What to do:
Should you expect a negative impact on this trade, consider hedging your trade.
Note
Fundamental Consideration:What: Fed Chair Powell Speaks (Federal Reserve Chair Jerome Powell)
When: Wednesday 17 July (05h00 NZ time)
Description: Due to deliver a speech titled "Aspects of Monetary Policy in the Post-Crisis Era" at the French G7 Presidency 2019, in Paris
Why Traders care: Volatility is often experienced during his speeches as traders attempt to decipher interest rate clues. As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy
What to do:
Should you expect a negative impact on this trade, consider hedging your trade.
Note
Currency Strength Indication (weekly):The USD is weaker than the GBP with a LOW WEAKNESS against the EUR
Trade active
Target buying area approaching, keep your eyes on this one and look for that reversal which will be the indication to buyTrade active
Just bought at 1.25563Trade closed: stop reached
This went bad very quickly ..... oops
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