SteveTobin

GBPUSD Long Trade Set up

FX:GBPUSD   British Pound / U.S. Dollar
73 3 2
The cable appears to have completed a medium term bottoming pattern ( H&S or rounded depending on your view). MACD has turned higher and RSI is not yet oversold, ROC is gaining upward momentum. The pair has also issued a buy signal on the 3 box Point and Figure chart with a measured target of 1441 pips and stop loss of 555 pips. I will enter long at market open on Monday morning using those values.
I am a longer term trader and this trade should be expected to last 3 - 6 months if successful
This cable trade is not making good progress, currently at -180 pips. The pattern appears to have failed with the price now consolidating below the neck line. I have decided that a break of 1.5653 will be my take a loss point.
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Can be. I would not engage... Bearish phase started according to TSI which is very reliable. All the best.
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SteveTobin Peter128
Hi Peter, thanks for the comment. The trade does have a couple of things against it (they always do) however I did enter long and am currently significantly under water. The long stop I operate is always a worry when it starts to go the wrong way.
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