GBPUSD - Is it time to FADE?
Updated
WEDNESDAY - Half way through the week!
GBPUSD - I like the long side for GBPUSD for months. It's a great trade that has had great momentum, I stuck to my trade plan, being disciplined is key and built long positions along the way - I am now scaling out of my positions!
On my FX weekly I posted out to various groups I am part of - It's FREE to subscribe. It's explaining the FX majors for the week ahead, if you're interested - Message privately.
I stated GBP above 1.37 you'll get 1.38 coming into play as well as perhaps 1.40 areas...However, for those who have been trying to fade GBP for while, You may just get your chance...Let me explain further!
Technical Aspects:
Pattern: Channel - At resistance
Fib Retracement - Fade Area
Support: 1.37830, 1.37580, 1.37370
Resistance: 1.38250, 1.38550, 1.38600, 1.38860
Fundamental events:
1. US CPI
2. BOE Gov Bailey Speaks
3. Fed Chair Powell Speak
How could you play this trade:
- Following your own trade plan to add further confluence
- You could wait for candle formation, candle close, bearish pattern or perhaps an indicator that is on your trade plan
- Add orders at certain resistance zone areas
Have a great day ahead,
Trade Journal
(Disclaimer: Just a trade idea, not a recommendation)
GBPUSD - I like the long side for GBPUSD for months. It's a great trade that has had great momentum, I stuck to my trade plan, being disciplined is key and built long positions along the way - I am now scaling out of my positions!
On my FX weekly I posted out to various groups I am part of - It's FREE to subscribe. It's explaining the FX majors for the week ahead, if you're interested - Message privately.
I stated GBP above 1.37 you'll get 1.38 coming into play as well as perhaps 1.40 areas...However, for those who have been trying to fade GBP for while, You may just get your chance...Let me explain further!
Technical Aspects:
Pattern: Channel - At resistance
Fib Retracement - Fade Area
Support: 1.37830, 1.37580, 1.37370
Resistance: 1.38250, 1.38550, 1.38600, 1.38860
Fundamental events:
1. US CPI
2. BOE Gov Bailey Speaks
3. Fed Chair Powell Speak
How could you play this trade:
- Following your own trade plan to add further confluence
- You could wait for candle formation, candle close, bearish pattern or perhaps an indicator that is on your trade plan
- Add orders at certain resistance zone areas
Have a great day ahead,
Trade Journal
(Disclaimer: Just a trade idea, not a recommendation)
Trade active
Comment
Updated short term view: Trade active
70% Partial profits taken, letting the rest run.Trade closed: target reached
Woke up to green screen! Great way to end the week - Today Perhaps I can get some scalps on the cable.Trade active
Scalp shortTrade closed: target reached
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