- Breakout on 4h over 186.00-186.10 level
- Nice retracement on 4h and 1h chart
- Breakout ouf decline line on 1h
- Weakness on GBP against USD seems to be (almost) over
- Entered long on 186.40
- SL @185.60
- ProfitTarge @189.90
-if not stoped out on 3.Dec'14 (some importand GBP-Data) possibilities to double on breakout over 187 and small retracemts after that
1. SL moved to 186.07
2. After nice run on 3.Dec, look to double the position on the 4.Dec, which u can do in 2 ways,
2.1 wait positive reaction after Official Bank Rate at 12:00pm GMT (best with breakout over 188.20)
2.2 or a nice pin bar on 1h chart, ideally of 20EMA (now about 187.40)
--> if position doubled, move SL 10pips under the low of the day
Usually it is a good idea to buy after the 3rd test of support, but in that case the strong NFP on Friday did push the price below 1.5600 (so I was wrong here) and now it is tricky as we might have seen a false break down, BUT
the overall trend is still down and after having a lower low (below 1.56) and with lower highs on 4h chart, the next move here is probably down.
Maybe a good short would be somewhere between 1.5750 and 1.5790 with a SL at 1.5835 and ProfitTarget at 1.56, so basically trending the 4h range in the direchtion of the major trend on the daily charts.
Hope that helps and thanks for asking!