informedtrades
Long

GBPUSD Forming Doji At Trendline

FX:GBPUSD   Pound Sterling/U.S. Dollar
GBPUSD             is in the midst of an uptrend, but has pulled back to a major trendline where it is forming a doji candlestick pattern. We also find a previously established horizontal support level and the 50 SMA in the close vicinity. As such, I think now is a good time to enter, as this might be a level bulls will step in to defend. I've set my entry to 6685 with my stop loss at 6625 and my target profit at 6985. I'm risking 60 pips to gain 300, so this setup offers q 5:1 reward/risk ratio.

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A question and a comment . . .
Do you think a doji by itself is more neutral or impulsive ?
(bullish or bearish)
This particular candle looks more like a spinning top to me
as it has a rather large real body for a doji.
An example of a doji to me is more like the candle on March 12
or maybe April 15.
Thanks for your thoughts !!!!
Reply
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