TraderSQUAD
Long

GBPUSD Bullish Divergence

FX:GBPUSD   British Pound/U.S. Dollar
9 months ago
Cable is in a very strong downtrend with a extreme low at target of 1.3835 (confluence of a 5th wave extension + 2 fib extensions of swing highs and lows.

At the same time we have bullish RSI divergence appearing on H3, H4 and H8 charts. With this in mind, longs target;
- TP1 1.4030 3:1 reward risk (1:1 risk reward from current levels)
- TP2 1.4250 6.8:1 reward risk (3.3:1 risk reward from current levels)

Below 1.3900 puts this scenario at risk
Phase in 3x reversals below 1.3830 for moves into 1.3760 for break even and moderate profit
9 months ago
Comment: TP1 1.4030 hit
9 months ago
Trade closed manually
9 months ago
Comment: TP2 1.4250 hit after early NFP exit @ 1.4110 :(

Trade outcome = (+145pips + 215pips)/2 = 180pips for 50pips risk
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