Daily support trendline drawn underneath, I am looking for a bounce off of this trendline and for the GBP to turn bullish. This pair has already attempted a bullish TK cross on the 3rd of Sept with price finally breaking the cloud on the 17th and reaching a high on the 20th. I am looking for price to bounce from the trendline and attempt another cloud breakout, this time reaching higher highs. This would coincide with price testing kijun sen on the weekly level as it is too far away from tenken sen. This trade could possibly be a long term hold depending on how price reacts at the weekly resistance level.
Entry: 1.29925
SL: 1.294
TP1: 1.33
TP2: 1.3477
Entry: 1.29925
SL: 1.294
TP1: 1.33
TP2: 1.3477
Comment:
Stop was reached on a small risk trade. Setup was still valid because price failed to break kumo cloud to the downside. I re-entered for a quick TP of 100 pips. I will keep my eye on this pair for a bullish outlook as long as the support trendline is not broken.