"Riding the Bullish Wave with GBP/USD Long Trade"
RISKY TRADE
GBP USD
Trade Call Type: #LONG
Order Type: BUY LIMIT
LONG ENTRIES
ENTRY 1: 1.29568
PROFIT LEVEL: 1.30777
STOP LEVEL: 1.28359
RRR- 1:1
Risk/ Trade: 0.50%
ENTRY 2: 1.29125
PROFIT LEVEL: 1.30777
STOP LEVEL: 1.28359
RRR- 1:2.16
Risk/ Trade: 0.25%
ENTRY 3: 1.28728
PROFIT LEVEL: 1.30777
STOP LEVEL: 1.28359
RRR- 1:5015
Risk/ Trade: 0.25%
Anchor Time: 4 Hour
Trading Time Frame: 1 Hr.
Indicators: #Price_Action. #Chart_patterns, #Swing_Highs#RSI
Entry Rule: Long on retracement.
STRATEGY:
In my experience, USD has broken daily support level & GBP has broken resistance level. Although both are ready for retracement by showing formation of RSI Bearish divergence on 1 hour Time Frame. I beleive that GBP Index, USD Index and GBPUSD needs next Daily support or resistance level for reversal.
Stop Loss is below 0.618 Fib Level & Daily Support.
I would be taking 3 entries considering the
Price has made out a bullish rally after Falling Wedge Bullish Pattern and has retested & broken last retested LH. It is dangerous to wave short call’s red flag in front of Gold’en bulls in trading Arena. Getting safely into bullish rally is not possible at the moment when we are approaching daily & weekly resistance & rejection zone.
So let’s wait till bulls calm down for retracement.
GBP USD
Trade Call Type: #LONG
Order Type: BUY LIMIT
LONG ENTRIES
ENTRY 1: 1.29568
PROFIT LEVEL: 1.30777
STOP LEVEL: 1.28359
RRR- 1:1
Risk/ Trade: 0.50%
ENTRY 2: 1.29125
PROFIT LEVEL: 1.30777
STOP LEVEL: 1.28359
RRR- 1:2.16
Risk/ Trade: 0.25%
ENTRY 3: 1.28728
PROFIT LEVEL: 1.30777
STOP LEVEL: 1.28359
RRR- 1:5015
Risk/ Trade: 0.25%
Anchor Time: 4 Hour
Trading Time Frame: 1 Hr.
Indicators: #Price_Action. #Chart_patterns, #Swing_Highs#RSI
Entry Rule: Long on retracement.
STRATEGY:
In my experience, USD has broken daily support level & GBP has broken resistance level. Although both are ready for retracement by showing formation of RSI Bearish divergence on 1 hour Time Frame. I beleive that GBP Index, USD Index and GBPUSD needs next Daily support or resistance level for reversal.
Stop Loss is below 0.618 Fib Level & Daily Support.
I would be taking 3 entries considering the
Price has made out a bullish rally after Falling Wedge Bullish Pattern and has retested & broken last retested LH. It is dangerous to wave short call’s red flag in front of Gold’en bulls in trading Arena. Getting safely into bullish rally is not possible at the moment when we are approaching daily & weekly resistance & rejection zone.
So let’s wait till bulls calm down for retracement.
"London-Based Trader | Certified Technical Analyst | Intraday & Scalping Specialist 📈📊 #Forex #Commodities #Indices #Crypto"
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.
"London-Based Trader | Certified Technical Analyst | Intraday & Scalping Specialist 📈📊 #Forex #Commodities #Indices #Crypto"
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.