I expect the pair to retrace as show in the next few days. So I will look for short position this week.
If it starts well and the resistance of the triangle became a strong support (I will look on lower timeframes for reversal confirmation), then I will set up a Long position that can last for few days.
Depends on your style of trading, use proper techniques to choose your entry and exit points.
I always analyze on daily charts to predict the general mood of the market, but I trade lower timeframes.
Good Luck!!
If it starts well and the resistance of the triangle became a strong support (I will look on lower timeframes for reversal confirmation), then I will set up a Long position that can last for few days.
Depends on your style of trading, use proper techniques to choose your entry and exit points.
I always analyze on daily charts to predict the general mood of the market, but I trade lower timeframes.
Good Luck!!
Comment:
so far so good.
Trade closed: target reached:
It's time to look for a long setup. I will post on a separate idea.
I would be careful though to take any long position with the GBP especially with all the economical and political news in the UK now.
Nevertheless, as a technical point of view, the pair has now reached a strong support, so let's keep an eye on it.
I would be careful though to take any long position with the GBP especially with all the economical and political news in the UK now.
Nevertheless, as a technical point of view, the pair has now reached a strong support, so let's keep an eye on it.
Trade active:
going long now
Trade closed: target reached:
still waiting for target 2