Hello All, I am happy to share my first idea with the community and hope to engage a lot more with you all in the future.
This is a simple long GPB/USD call, my points for confirming this long play are as follows:
1. TREND LINE SUPPORT HOLDING FROM 6/21
- CLEAR, STRONG FAILURE ON FIRST TOUCH ON 7/11-12
- CLEAR, STRONG FAILURE ON SECOND TOUCH ON 7/20-21
2. STRONG HORIZONTAL SUPPORT @1.2968~
- CLEARLY VISIBLE ON CHART THIS HAS BEEN A MAJOR STRONG RESISTANCE LEVEL HOLDING PRICE LEVELS ON SEVERAL OCCASIONS
- SAME HORIZONTAL RESISTANCE LEVEL NOW LOOKS TO TURN INTO A STRONG SUPPORT LEVEL ADDING TO THE LONG CONFIRMATION
3. RSI/STOCH
-RSI AS WELL AS STOCHS SHOWING OVERSOLD LEVELS AS PRICE FAILS OFF OF 4 HR TREND LINE, PRIME LONG ENTRY/CONFIRMATION AREA
4. TREND LINE STARTING ON 7/14 BREAKOUT CONFIRMING LONG POSITIONS
-TREND LINE STARTS ON 7/14, THIS DID HAVE PRICE CONSOLIDATING INSIDE BOTH THE LINE STARTING FROM 6/21 AND 7/14
- ALTHOUGH I WOULD HAVE LIKED TO SEE A STRONGER BREAK OF THIS LINE, IF WE LOOK AT THE CHART ON A 1HR TIME FRAME WE DO SEE IT HAS INDEED BROKE AND CLOSED PAST IT
STOPS ARE SET RELATIVELY TIGHT TO ENSURE WE ARE NOT TAKING UNNECESSARY RISK BUT ALSO ALLOWING ENOUGH ROOM TO AVOID BEING STOPPED OUT IF A FAKE OUT DOES OCCUR
TAKE PROFITS CAN BE SET CONSERVATIVELY AT THE PREVIOUS MOST RECENT HIGHS
THANK YOU ALL. WISHING HAPPY, SAFE AND PROFITABLE TRADES TO EVERYONE.
This is a simple long GPB/USD call, my points for confirming this long play are as follows:
1. TREND LINE SUPPORT HOLDING FROM 6/21
- CLEAR, STRONG FAILURE ON FIRST TOUCH ON 7/11-12
- CLEAR, STRONG FAILURE ON SECOND TOUCH ON 7/20-21
2. STRONG HORIZONTAL SUPPORT @1.2968~
- CLEARLY VISIBLE ON CHART THIS HAS BEEN A MAJOR STRONG RESISTANCE LEVEL HOLDING PRICE LEVELS ON SEVERAL OCCASIONS
- SAME HORIZONTAL RESISTANCE LEVEL NOW LOOKS TO TURN INTO A STRONG SUPPORT LEVEL ADDING TO THE LONG CONFIRMATION
3. RSI/STOCH
-RSI AS WELL AS STOCHS SHOWING OVERSOLD LEVELS AS PRICE FAILS OFF OF 4 HR TREND LINE, PRIME LONG ENTRY/CONFIRMATION AREA
4. TREND LINE STARTING ON 7/14 BREAKOUT CONFIRMING LONG POSITIONS
-TREND LINE STARTS ON 7/14, THIS DID HAVE PRICE CONSOLIDATING INSIDE BOTH THE LINE STARTING FROM 6/21 AND 7/14
- ALTHOUGH I WOULD HAVE LIKED TO SEE A STRONGER BREAK OF THIS LINE, IF WE LOOK AT THE CHART ON A 1HR TIME FRAME WE DO SEE IT HAS INDEED BROKE AND CLOSED PAST IT
STOPS ARE SET RELATIVELY TIGHT TO ENSURE WE ARE NOT TAKING UNNECESSARY RISK BUT ALSO ALLOWING ENOUGH ROOM TO AVOID BEING STOPPED OUT IF A FAKE OUT DOES OCCUR
TAKE PROFITS CAN BE SET CONSERVATIVELY AT THE PREVIOUS MOST RECENT HIGHS
THANK YOU ALL. WISHING HAPPY, SAFE AND PROFITABLE TRADES TO EVERYONE.