GBPUSD - Long NFP Trade - Potential for lots of pips
Updated
Hi all
I have been bearish dollar for a few weeks in my posts which is now starting to pay off.
With the inside day bar created on AUDUSD, if todays high is broken tomorrow - I expect AUDUSD to rocket higher.
In turn - all XXX USD pairs to go up and vice versa for USD XXX pairs.
For GBPUSD (and any currency pair) - and trading through NFP, the trick is to get in well before NFP happens i.e today and then ignore short term sentiment and focus on long term fundamentals - which is for example a strengthening Eur after todays comments and a weakening Dollar.
I was in EurUsd however they closed today - I will look to get in tomorrow - however it is currently overbought so looking for a pullback.
GBPUSD however is at support and is a good point to get in long at the moment
If it closes with a strong bullish candle heading into my take profit resistance area (4hour chart) - I will look for price to continue higher and hold it over the weekend.
It may have created a double top which will be confirmed if it breaks the lows, however if it bounces off the daily R1 - I will take more long positions. Stop loss has a good amount of space for price to move.
If the buy stop as indicated activates and it strongly closes at the 1.2800 area - I will expect price to continue higher and my TP planned area to be reached early next week.
Thanks for looking
DuncanForex.com coming in 2 weeks.
I have been bearish dollar for a few weeks in my posts which is now starting to pay off.
With the inside day bar created on AUDUSD, if todays high is broken tomorrow - I expect AUDUSD to rocket higher.
In turn - all XXX USD pairs to go up and vice versa for USD XXX pairs.
For GBPUSD (and any currency pair) - and trading through NFP, the trick is to get in well before NFP happens i.e today and then ignore short term sentiment and focus on long term fundamentals - which is for example a strengthening Eur after todays comments and a weakening Dollar.
I was in EurUsd however they closed today - I will look to get in tomorrow - however it is currently overbought so looking for a pullback.
GBPUSD however is at support and is a good point to get in long at the moment
If it closes with a strong bullish candle heading into my take profit resistance area (4hour chart) - I will look for price to continue higher and hold it over the weekend.
It may have created a double top which will be confirmed if it breaks the lows, however if it bounces off the daily R1 - I will take more long positions. Stop loss has a good amount of space for price to move.
If the buy stop as indicated activates and it strongly closes at the 1.2800 area - I will expect price to continue higher and my TP planned area to be reached early next week.
Thanks for looking
DuncanForex.com coming in 2 weeks.
Trade active
Trade has triggeredTrade active
Trade still live along with second trade that activated todayTrade closed: stop reached
Trade was closed at 1.2732 this afternoon before trump spoke - hoping for it to go higher but then a no deal Brexit was not voted out so GBP sank.
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