GBPUSD - LONG
Why are we entering?
- Expecting GBP strength and USD weakness
- In a bigger parallel channel and approaching channel support
What are we waiting for to happen?
- Waiting for price to tag the channel support
- a break of Risk trendline and/or WFB
What is our confirmation?
- a 4H bullish candle at the channel support
- WFB confirmation for safe entry
- Break of Risk trendline for Risk entry
Entry
Safe Entry: Bounce off channel support and then WFB (might be too big of a SL)
Risk Entry 1: Bounce off channel support
Risk Entry 2: Bounce off channel support and then risk trendline break (This looks to be the best entry method)
Once entered, where will our Stoploss be?
- Below the rejected price
Where do we take profits?
- First TP: 1.36
- Second TP: 1.375
Why are we entering?
- Expecting GBP strength and USD weakness
- In a bigger parallel channel and approaching channel support
What are we waiting for to happen?
- Waiting for price to tag the channel support
- a break of Risk trendline and/or WFB
What is our confirmation?
- a 4H bullish candle at the channel support
- WFB confirmation for safe entry
- Break of Risk trendline for Risk entry
Entry
Safe Entry: Bounce off channel support and then WFB (might be too big of a SL)
Risk Entry 1: Bounce off channel support
Risk Entry 2: Bounce off channel support and then risk trendline break (This looks to be the best entry method)
Once entered, where will our Stoploss be?
- Below the rejected price
Where do we take profits?
- First TP: 1.36
- Second TP: 1.375