bradlaguna

GBP/USD Idea for Long and Short (After News)

FX:GBPUSD   British Pound / U.S. Dollar
I published this idea earlier but realized I missed the support from the 4H chart.
DO NOT ENTER A POSITION BEFORE THE U.S. NEWS RELEASE. Just have pending orders for both and watch for volatility stoppage.

LONG Scenario (Good U.S. News):
If the breakout is upward, look for an entry around 1.428 and exit after a decent 40-60 pip capture.

SHORT Scenario (Bad U.S. News):
If the breakout is downward, I expect a lot of resistance on the way down (see cloud) and the price will quickly move back up. Look for an entry around 1.4225-1.423. The price may bounce back up quickly due to resistance, but it will eventually go down.

There is a support around 1.405 on the 4H chart. Watch for trend shifts and the price may continue down to the support level if the news dictates.

Feel free to critique/comment!
Comment: So it ended up touching 1.4227 before the news announcements but ever so briefly. Make sure you do not open a trade before the news announcements!
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out