Not going to bore you with lines and patterns. GBPPLN is going to be bearish on Monday 7th May 2018. Thank me when it does. Very unlikely chance it doesn't you get an easy haha moment. I will be bearish following the Daily Chart on this instrument.
The 5 and 50 is your friend.
SL: 4.84614 (Enough room to allow a test of previous high which is very unlikely)
TP 4.79145 (Going to the 50 SMA)
I am not a fortune teller so take these speculations as pure entertainment. Trading has great risk so trade responsibly.
Yours SL is very high comparing to TP.
It should be other way around. if you have TP 100 pips that means your stop loss should be 25 pips top.
UnknownUnicorn1299022
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@Coder775, Traditional 1:1 or 1:X I would agree however most traders follow their own stop losses based on their equity and lot sizes. I typically keep a 1:1 but with this pair I'm risking more with the anticipation of a bull trap before moving in my direction.
It should be other way around. if you have TP 100 pips that means your stop loss should be 25 pips top.