ajohnson9710

Trend Break and retest

Long
ajohnson9710 Updated   
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Price has broke a long term trend line days ago and has now ( my opinion ) reached its retest
If you drop down to the 4/1 hour chart you can see a RSI divergence.
Also on the one hour chart you can see price has hit the bottom ( my yellow box ) twice and rebounded.
Just waiting on confirmation of price action within the box for me to go long
Conservative take profit would be the retest of the recent consolidation as you can see in the chart
If this breaks I think price will retest the top of the consolidation and potential begin a much bigger/longer uptrend
Trade active
Comment:
I've moved my stop loss to slightly above profit, now we can relax and enjoy the show for now
Comment:
expecting a small retracement now as a retest of a smaller structure that was broken
Comment:
if all goes to plan, price shouldn't drop below 1.355. time will tell, ill update again soon
Comment:
potential continuation to come any time now, if price gives me a signal to continue up i shall add to my current position
Comment:
seems to have hit the 0,782 retracement and looks to have bounced off this, expecting a move to the upside from now.
Comment:
I would've added to my position on the close of the last candle had my broker not been down for maintenance but hey ho. I can see this pair about to burst, hopefully with the news coming soon it will give us that burst and profits profits profits ;)
Trade closed: stop reached:
stop loss hit but taken a couple pips profit, maybe looking at shorting this pair now as it has broken the support line and created a double top just before hand with the news it seems the GBP is weakening also
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