Possible GBP/USD Path
Momentum still Positive and above average despite large movement down today. Price stopped at previous start of large selling move and most recent DOJI price. Volatility indicator shows reduced move down despite large price move down. Therefore, I feel price is likely to move back up from here.
Trade active
Momentum is moving up and is higher than what it was at the previous high. There is therefore a strong chance that this BUY trade will continue. I always move my stop to break even or small profit when possible. There is always another trade around the corner if this one stops out early.Note
I would be inclined to move the stop a bit closer to the 5EMA on daily. The 200EMA is probably causing hesitation in a further increase. Todays momentum is currently down despite a small upward movement. The volatility is sideways so overall, if this stays the same for the rest of the day, the next move could well be down from here.Trade active
Nice move up today so have moved stop up and on to the 200EMA.Note
Moved stop up to mid-way between the 5ema and 11ma.Note
Another move up so move stop up mid-way between 5ema and 11ma.Note
Another move up so move stop up mid-way between 5ema and 11ma.Trade closed: stop reached
Stopped out after a good run. Even though the main target has not been reached, that is no reason to re-enter the trade. A predicted target is never definite. I always stick to my trading strategy and will only re-enter if all the parameters line up.
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