GBPUSD Long. RR 1 : 1.7
GBPUSD Weekly candle closed with Marubozu style (strong bullish momentum), expecting some further upside.
Reason :
- This pair has been ranging around 140pips for almost one month since April.
- It has been trying hard to break above the ranging price (deep blue highlighted area)
- Retest of 4th time was a fake out, 5th was successful on Friday closing.
- Potential to reach next resistance points :
Entry point Long : 1.30 area ; TP1 : 1.3120 area, TP2 : 1.3180 ; SL 1.2930 area
Risk Reward 1:1.7
Always remember to trade with stop-loss, market is crazy & cunning*
Reason :
- This pair has been ranging around 140pips for almost one month since April.
- It has been trying hard to break above the ranging price (deep blue highlighted area)
- Retest of 4th time was a fake out, 5th was successful on Friday closing.
- Potential to reach next resistance points :
Entry point Long : 1.30 area ; TP1 : 1.3120 area, TP2 : 1.3180 ; SL 1.2930 area
Risk Reward 1:1.7
Always remember to trade with stop-loss, market is crazy & cunning*
Trade active
Entered LONG @ 1.2975 - 20pips on hand now ~Trade active
<deleted>Trade active
With setup above, SL was actually moved lower than fib level 61.8% @ 1.2880.BUY limit was triggered on 1.2935 area, target to 1.31 still intact. I am still bullish bias on this pair.
I will update this pair again in a new setup next week. Good luck traders
Note
new idea published.
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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.