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So what I can see on the 4H timeframe of the GBPUSD is a very nice uptrend as seen from the upward trend line. If price respects this upward momentum, we can either see a bounce off the upward trendline or a straight upwards movement onto the next resistance line. As it is a 4H timeframe, please do be patient to let the price run and do not cut your winners short.
Optimum entry levels would be from 1.22705 - 1.22136. Stop losses will be at least 10 pips below the previous pullback at around 1.20973 level. Nearest take profit levels would be at 1.28035. For higher risk to rewards ratio, you can choose to trail your stop losses as soon as price passes the 1.245 level.
Current Risk to Rewards Ratio is 1:5.62 which is very optimal, however, do take note that not all trades will be winning trades. Remember to always only risk a maximum of 2% of your account if you want to stay in the game for long.
If you have success with this analysis, please do leave a comment to let me know.
Have a great week trading.
This is not financial advice nor am I asking you to do what I say. This is merely my ideas and technical analysis that I would be following per my strategy. If you want to find out more, do drop a comment. Cheers.
So what I can see on the 4H timeframe of the GBPUSD is a very nice uptrend as seen from the upward trend line. If price respects this upward momentum, we can either see a bounce off the upward trendline or a straight upwards movement onto the next resistance line. As it is a 4H timeframe, please do be patient to let the price run and do not cut your winners short.
Optimum entry levels would be from 1.22705 - 1.22136. Stop losses will be at least 10 pips below the previous pullback at around 1.20973 level. Nearest take profit levels would be at 1.28035. For higher risk to rewards ratio, you can choose to trail your stop losses as soon as price passes the 1.245 level.
Current Risk to Rewards Ratio is 1:5.62 which is very optimal, however, do take note that not all trades will be winning trades. Remember to always only risk a maximum of 2% of your account if you want to stay in the game for long.
If you have success with this analysis, please do leave a comment to let me know.
Have a great week trading.
This is not financial advice nor am I asking you to do what I say. This is merely my ideas and technical analysis that I would be following per my strategy. If you want to find out more, do drop a comment. Cheers.
Trade active:
wick entry on the GU. will continue monitoring price action to see if the current trend changes. will trial stop losses once the previous higher high is reached.
Trade closed manually:
trade has been closed manually as trend may have changed. possible double top in the 1H timeframe has been spotted.