I think the downtrend is finally over by breaking my trend line after 8 months of build up. The retracement is already done, this pair is ready to be bought. Great ratio regardless of which TP your aiming for.
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GBPUSD tested the trend line once again before heading up, am not expecting any more trend line tests but a slow gradual move to the upside.
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2nd break out, might retrace a little after this but many more up movement to come.
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TP 1 reached and profits booked, will enter again after a nice retracement.
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retracement almost done, will enter again after a nice bullish candles either on monday or tuesday.
And when do you think it'll be a "nice retracement" here (see your third comment)? Just curious :)
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well I cant predict "when" it can happen, but normally after a big daily bullish candle, we should see at least 4-5 bearish candle in 4hr time frame or in worst case scenario a medium bearish candle in daily time frame.
one thing is for sure though, its definitely not wise to open any more longs at this stage because you can start seeing signs of exhaustion in 30mins and 1hr time frame. The exhaustion could also be temporary and market could rally again but this is not a risk I would take, I will update the comment box when I do enter the market again, but I have juiced this pair pretty nice for today and I rather wait for another great entry to present itself ;) happy pips !