FX:GBPUSD   British Pound / U.S. Dollar
49 0 1
Hello traders, here we have potentially a long trade on gbpusd             . i previously posted an abcd last week and although the d leg has yet to reach 1.27 i have a feeling that this might just be the reversal. Even though i know you need to trade what you see and not what you think, however as far as i can see on the chart there are a couple of factors which make me consider a long over here. First of all is that it is at a previous fresh demand level and as we can see that market came down sharply post nfp reversing right at the trendline below forming a falling wedge . We can also see a bigger wedge forming which might indicate a further move up , however i cant determine how far it will extend since it doesnt appear to have completed yet. we can Also observe two abcd patterns completing around the demand area which would be the entry. The smallar ab=cd might still go a little down but ab=cd patterns do not have identical legs (correct me if i am wrong) more than 60 percent of the times and the rest of the factors make me think that this might just be one of those non idnetical leg. However my stops are still below the completion of the d leg. Risk:reward is very good for someone who is looking to play a swing trade. Also the target is not only a previously fresh supply level but it also appears that there might some fib confluence in that area. Looking to trade the d leg as of now. Have a couple of entries and exits as of now. Looking at 1.55 level to begin with which might the completion of the falling wedge
Targets and stops as shown on the chart and automated. Any feedback would be appreciated
cheers and have a good weekend
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