ForexWeeklyAnalysis
Long

Pending Long GBP/USD in 1.669X region

FX:GBPUSD   Pound Sterling/U.S. Dollar
197 20 0
WARNING: Unless you've been scalping this upward channel, which at the maximum could've yielded between 500-700 pips; this is a risky play considering the number of times that this trend line has been tested. I personally scalped about 300 pips out of this channel so far, so I can afford the risk.

Wait for price to hit the trend line in the 1.669X region for a possible long entry.
Consider exiting if price closes below the trend line .
Target 1: 1.682X region (February high)
Target 2: 1.7000 (highly doubt we'll get there on this attempt, it'll probably come back down for another long opportunity before going back up.

Contingency plan: Even if the trend line doesn't hold, the entire 1.66-1.67 is a solid buy zone for position traders. However, I'd wait for the lower end to try going long again.

Possible support levels below:
1.664X
1.661X
1.66 (BIG LEVEL)
1.658X
Update: I started unloading some longs already.
10% at 1.6655 closed at 1.6670 = +15 pips
20% at 1.6625 closed at 1.6680 = +55 pips
Still holding 70% of my position from 1.6600
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ForexWeeklyAnalysis ForexWeeklyAnalysis
Not liking the sluggish movement here, price is stalling. Got out of another 20% from 1.6600 at 1.6680 = +80 pips. Still holding 50% of my position from 1.6600.
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ForexWeeklyAnalysis ForexWeeklyAnalysis
Just woke up from my nap, I see GBP/USD hit the low 1.67XX region. I did mention yesterday that "I may have to adjust my targets to the low 1.67XX region instead of the previous 1.68XX region". I had set my remaining position to TP at 1.6710, so that's +110 pips on the remaining 50%. This trade is now considered finished, especially since price got rejected up there.
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ForexWeeklyAnalysis ForexWeeklyAnalysis
For the record, my GBP/USD position was taken prior to opening the new forex account, so these trades won't be on myfxbook.
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Something to consider, EUR/USD is dragging up GBP/USD right now. Depending on who's in the driver seat, if/when EUR/USD decides to drop, it may drag down GBP/USD with it, so my targets may not be reached.
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ForexWeeklyAnalysis ForexWeeklyAnalysis
I'm going to start scaling out of my longs around 1.67 to free up margin so that I can manage the other pairs I'm watching.
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ForexWeeklyAnalysis ForexWeeklyAnalysis
e.g., I'd rather have 2 or 3 big positions, then to have 10 small ones.
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Update: I have a full position on GBP/USD now, the rest of it filled at 1.6600 (the BIG LEVEL that I mentioned in my original post), my average price is now 1.6610.
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ForexWeeklyAnalysis ForexWeeklyAnalysis
Based on consolidation at the low 1.66XX region, I suspect price will be making a big move soon. Which direction? I have no idea, hopefully up and in my favor. If it does go down, I don't see it going below 1.6550, which is well above my SL (!00 pips). So I'm not really worried about this trade considering price is currently hovering above my average price.
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ForexWeeklyAnalysis ForexWeeklyAnalysis
Depending on how GBP/USD reacts to the up side (assuming we a) get out of this consolidation and b) break upwards) then I may have to adjust my targets to the low 1.67XX region instead of the previous 1.68XX region
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