GBP/USD - LONG based on Pennant (1h) + Ascending Trendline (1D) Long

British Pound/Japanese YenFXCM

Description

⋅ Sep 10, 2020 4:42 AM

Based on the 1hr chart where a Bullish Pennant Pattern is forming, further upside is likely.

While on Daily, the price remains in an Upward Trendline which is on its way to forming an Ascending Triangle which I believe has 1-2 more pushes to the upside before being considered a good SHORT opportunity.

Price also remains above EMA on Daily + 4hr, while testing 2hr & below.

Comment

⋅ Sep 10, 2020 5:06 AM

Some additional charts and timeframes:
imgur.com/a/4TGjfSz

Comment

⋅ Sep 10, 2020 5:17 AM

Here's the 1hr chart but cleaned up (no gridlines) & using Heikin Ashi Candlesticks.

Overall selling pressure appears to be capped.

However, time will tell once London trading session opens in just under 2hrs

Trade closed: stop reached

⋅ Sep 10, 2020 8:20 PM

The Ascending Triangle was breached and the price dropped like a rock, hitting all 3 SL setups for varying risk appetites.