Kumowizard

GBPUSD - Take profit on shorts

FX:GBPUSD   British Pound/U.S. Dollar
113 2 0
The strategic direction remains bearish , but there are multiple signals which indicates we may see some pull back from these levels.

Daily: ADX topish, turning down a bit, while DMI             lines started to converge. MACD and Slow Stoch turning bullish together. These indicators gove a good chance for a pull back, maybe to ard 1,6750-1,6800.

4 Hrs: Weak Tenkan/Kijun bullish cross. Some small double bottom followed by consolidation. This will likely continue for some more time, counter trend can start only with a break above 1,6650.
Daily MACD and Slow Stoch both gave clear buy signal. Possible daily tgt for pull back is ard 1,6750. Idea: watch 4 Hrs chart for entry signals for a swing long trade. DMI-ADX initially looks supportive. rRade size should not be more than 1 unit based on your risk management. Important to see higher highs. Strict stop loss at 1,6525 the lowest!
Reply
Kumowizard PRO Kumowizard
2 years ago
To make it clear, the signal indication now is ONLY close or reduce shorts in GBPUSD, not yet a firm signal for the counter long!
Don't forget: the major trend is bearish! The better risk reward trade will be a sell at Daily Support levels. That's why we always trade swings with smaller units and tighter stops.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out