RKchartest

GBPUSD entry for the upside

Long
FX:GBPUSD   British Pound / U.S. Dollar
Placed a entry order here to catch a break to the upside. Its a 1:3 risk to reward. Stops will be brought to breakeven if trade reaches 1:1 levels. Wave theory is at play here.

Also I want to thank Anil for showing his chart as well and bringing this setup to our attention as well.
Comment:
Comment: Entry order has been lowered. Correction channel is breaking down. MACD is still pointing down which shows the pair could correct a little lower. With the MACD at the zero line, this is a good spot for the pair to turn if this is a larger ABC pattern to the upside.
Comment:
Comment: ENTRY order has been lowered. The pair is around the 61.8 retracement level. If the pair heads lower our risk to reward ratio will actually improve by using the bottom as our stop as we re-evaluate our entry.
Comment:
Comment: The ride has started. Currently in a flat correction from an impulse move. That tells me there is more room to the upside.
Trade closed: target reached: Trade has been closed at take profit.

Comments

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