GBPUSD Bullish Breakout
Updated
GBPUSD bounced at a weekly support making the direction bullish.
Now as you can see on the 4 hour chart the market broke out of the double top with a increase in volume, confirming the break out is probably a true breakout, (don't forget nothing in the market is a 100% we are looking at what is the percentages we have)
the breakout occurred on thursday night, I was looking to get in at the pull back but I didnt take it due to it was before the Fed meetup on friday and I did not want to take the risk before seeing what will happen.
But I dont think this is over I believe I will still have a chance to get involved, Im waiting for a little pull back now so I can at least have a 2-1 Risk Reward ratio, my Stop will go below the recent low and my take profit at my first Target.
I hope You Learned Something From This Post.
if you have a question you can ask me anytime.
Happy Trading!
Now as you can see on the 4 hour chart the market broke out of the double top with a increase in volume, confirming the break out is probably a true breakout, (don't forget nothing in the market is a 100% we are looking at what is the percentages we have)
the breakout occurred on thursday night, I was looking to get in at the pull back but I didnt take it due to it was before the Fed meetup on friday and I did not want to take the risk before seeing what will happen.
But I dont think this is over I believe I will still have a chance to get involved, Im waiting for a little pull back now so I can at least have a 2-1 Risk Reward ratio, my Stop will go below the recent low and my take profit at my first Target.
I hope You Learned Something From This Post.
if you have a question you can ask me anytime.
Happy Trading!
Trade closed: target reached
GBPUSD reached the Limit.I honestly got stopped out to only see the market go my way. I will from now be more cautious about where I place my stop so to not be one of all the others that the Big boys catch their fish then take thenmarket to that direction.
I hope You at least made some money on this trade idea
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