Sforex

CABLE: I WANT TO BUY, AND YOU ?

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
211 5 3
GBPUSD             test 50% Fib retracement I draw on the chart at 1.5150

50% Fib Retracement is very important : Basic TA knowledge: Any bounce from 50% Fib retracement confirm for uptrend : The downtrend is rejected.

Moreover, 50% Fib Retracement is also coincides with SMA50 + SMA100 : GBPUSD             bounced from this level, and I think GBPUSD             should go up.

I run a LONG position of GBPUSD             at 1.5314, take profit 1.5540, stop loss 1.5210

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agree
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i think is better tp at 1.549 .... it is very dangerous tp at 1.554....
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I am not sure i like the look of the candles after the bullish engulf. I would have like to have seen confirmation instead we have a doji indicating indecision. I think i would wait for some sort of confirmation now before committing to a directional bias.
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ObaidRehman SteveTobin
Agree
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Sound logic here.
I will watch this one :)
Thanks for sharing
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