Hello traders! Let's delve into a promising trading setup on the GBP/USD pair. On the daily chart, GBP/USD has formed an ABC bullish pattern, indicating a potential upward movement. The pattern is accompanied by a 50% Fibonacci retracement level, adding to its significance.
Entry Level: The long entry level (EL) is identified at 1.2428. The price is currently trading above this level, presenting a favourable opportunity for long trades.
To manage risk, consider placing a stop-loss order below the C point of the pattern at 1.2384. This level acts as a protective barrier against adverse price movements.
Wall level at 1.2591This confirms the strength of the bullish momentum.
Partial Profit-Taking: Traders may opt for partial profit-taking at key Fibonacci retracement levels:
38% retracement level (AB) at 1.2717
Alternatively, aim for 62% (AB) at 1.2916 or 78% (AB) at 1.3062.
Wishing everyone a great Weekend ahead! Remember to trade safely and adhere to risk management principles.
TCPLTP
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GBP/USD Technical Analysis:
On the daily chart, the ABC bullish pattern in GBP/USD has been slightly updated, with the following key levels:
Long Entry Level (EL): 1.2389 Stop Loss (ST): 1.2300 Wall: 1.2505 Partial Profit-Taking: Consider taking partial profits at the 38% retracement level of AB at 1.2625. Targets Zone 1: 62% retracement of AB: 1.2830 78% retracement of AB: 1.2972 Trading Considerations:
Traders may initiate long positions at the long entry level, with stop-loss orders placed below the support level. Consider taking partial profits at the specified retracement levels to lock in gains. Monitor price action around the wall level for potential resistance or breakout opportunities. Adjust stop-loss orders and trading strategy based on real-time market dynamics and confirmations. Stay attentive to price movements and adapt the trading approach accordingly to capitalize on potential opportunities.
Hi there, is Gold still intact please? Thank you, Matt
reserved010
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same question please, much appreciated!
TradeChartPatternsLikeThePros
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@reserved010, The idea was price to close above 1.2428 taking the previous candles, as soon as I publish the idea the price had a dip straight away, I don't think the price will hold there any more, atm I have this I hope this help