From the daily GU chart, In my opinion, I believe the following will happen for the rest of July with this pair.
1) Once price action hits 1.26000 (maybe this week), with momentum will continue to be bullish until the target of 1.27500.
*I will be placing a buy order at 1.26000 with a stop loss at 1.25500 (50 pips). This will set trade up for a 1:3 risk/reward.
Why does trade look right for GBP/USD to continue bullish?
*GBP is strong
*USD dollar is weak
2) If you look left on the daily chart on June 11th a huge candlestick happened (once price action closes above 1.26500, price action will easily hit my noted target), of 1.27500.
3) Trend angle of 45% degrees noted on the daily chart is the perfect angle for price action to continue in the current direction (bullish).
Note risk management of all Forex trades is #1, price action tells you everything you need to know. Indicators are tools that verify or discount
your trading plan.
Always ask yourself one question: Where are the Big Banks or Money Makers taking pair to get the money? then get on the same trade ride.
Wish everyone the best in trading and life, stay healthy, and find balance in everything you do. Good Luck!!!
1) Once price action hits 1.26000 (maybe this week), with momentum will continue to be bullish until the target of 1.27500.
*I will be placing a buy order at 1.26000 with a stop loss at 1.25500 (50 pips). This will set trade up for a 1:3 risk/reward.
Why does trade look right for GBP/USD to continue bullish?
*GBP is strong
*USD dollar is weak
2) If you look left on the daily chart on June 11th a huge candlestick happened (once price action closes above 1.26500, price action will easily hit my noted target), of 1.27500.
3) Trend angle of 45% degrees noted on the daily chart is the perfect angle for price action to continue in the current direction (bullish).
Note risk management of all Forex trades is #1, price action tells you everything you need to know. Indicators are tools that verify or discount
your trading plan.
Always ask yourself one question: Where are the Big Banks or Money Makers taking pair to get the money? then get on the same trade ride.
Wish everyone the best in trading and life, stay healthy, and find balance in everything you do. Good Luck!!!
Comment:
All is going accordingly to the plan. Make a plan and trade plan. Good Luck.