This is the 4h view of the long setup in GBPUSD. You can refer to my recent posts in related ideas for more information. Right now, I reentered longs with tight stops after the news resulted in a sharp rally above the previous daily downtrend mode. I noticed the 4h chart had an uptrend setup, aiming for a target close to the 'Brexit key level', so I reentered longs based on this timeframe's setup.
The orange dashed line shows us support was found on the pullback, right on the 50% speed line from the advance up to the previous high, and now, if we construct a 50% speed line from the recent rally's low to the current high, we have a line that shows us the level that has to hold on any dip, if this uptrend is to continue without any major pullback before hitting our target.
My signals client have been long from the lows, and now got back in after booking profits before the BOE rates decision news came out. (We closed to protect our capital, it's always wise, in the face of potentially adverse fundamental forces, if you have a winning trade, to exit, and reenter if it's still valid and the news actually favor your original thesis). I don't want to see price go back below the orange level on chart, we should take off and move straight up during the London session, or perhaps slowly during Asia. We'll know soon enough. If price goes back under 1.3260 I'm out. I would even consider shorting if that were to happen.
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/ We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance% on such information.
Comment
⋅
Carney speaks now, careful. Booking partial profits before and buying back lower if it dips is a good idea. If it sharply breaks higher, you can look to take profits quickly, and buying back on dips with the same size and stop loss at previous entry.
Comment
⋅
You may rise your stop to 1.3322. Target 1.36585
Comment
⋅
Stopped out. As of this bar, the uptrend fails if we don't hit the target before the 4h close. That might be bearish for GBP.
Welcome.
If you're not in you can take a stab at market with stops under the orange box, give it some breathing room, like I suggested (1.3260 or lower).
HEmmanuel
⋅
Absolutely, my stop is at 1.3260 :)
IvanLabrie
⋅
Cool, with some luck we'll hit the target without getting whipsawed out. :)
Cheers.
zhipengcfel
⋅
Thanks, Ivan. Very nice setup. I am in as well! Good luck!
IvanLabrie
⋅
Thanks for stopping by and for the kind remarks.
I think we will at least this 'Brexit key level', the 24th's daily close...if we move higher we might go considerably higher, but I doubt it's possible.
zhipengcfel
⋅
I am out too.
IvanLabrie
⋅
With eurusd and gbpusd going down, and usdcad going up, it's only a matter of time before we see a big dollar bull run. (I think the quarterly forecast I posted is starting to pan out)