FX:GBPUSD   British Pound / U.S. Dollar
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Looking at the GBP vs USD on the 4 hour time frame we see all Ichimoku signals are bullish with price being above the Kumo cloud. The pair has been in a clear uptrend and should continue upwards to the next resistance point @ 1.57326. Price currently broke the previous fractal level resistance high after a slight pullback therefore triggering a long trade entry . I have placed an entry long @ 1.56446 with my stop @ 1.56188 and target @ 1.57326. The target level will become a very important level once price reaches this level. Clearly a resistance level price may break this level and continue upwards but the more probable scenario might be price honoring the resistance level and retracing before eventually breaking this level triggering another long trade on the pair. Have a great trading day and God bless!
I kept my risk small on a small trade so I placed the stop loss under the previous candle but really I use fractal levels as stop losses. Even if I had placed the stop loss under the fractal level that would have still been a minimal risk. Normally I use fractal levels, S&R levels and Kijun as a stop loss level.
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Do you use a fixed amount of pips below tenkan sen for your SL or you have another reason to put it there? Can't figure it out :)
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