ECHO | GBP/USD -> Long opportunity.
Seeing we are closing the month in combination of the end of the first quarter we could see erratic moves take place. For the POUND Sterling, their financial year starts in Q2. Based on seasonal patterns and what we have witnessed lately the last years, APRIL -> Bullish GBP. Have a look at our analysis, see what you can find out.
We have set a pending order at spot price area of 1.3000. There are psychological factors that play where algorithms will take profit at round levels. Further these are the reasons for this pending:
- Round level 1.3000
- Profit taking at local low
- Imbalance zone on H4
- Pullback to ema\s
A wide stop is used to give the trade some breathing room. Final TP could be around the descending TL to form a lower high. We will keep you updated on the trade when it goes live.
ECHO
We have set a pending order at spot price area of 1.3000. There are psychological factors that play where algorithms will take profit at round levels. Further these are the reasons for this pending:
- Round level 1.3000
- Profit taking at local low
- Imbalance zone on H4
- Pullback to ema\s
A wide stop is used to give the trade some breathing room. Final TP could be around the descending TL to form a lower high. We will keep you updated on the trade when it goes live.
ECHO
Trade active:
Our POI has been reached at spot 1.3000 area.
Comment:
+30 pips done on a 1:1 RR, partials taken and mitigating any losses by placing SL @ BE.
Comment:
Remainder of the position has been stopped out at BE. Not enough liquidity to provide greater momentum to the upside.
Comment:
Initial pullback has been completed until the local OB at around 60 pips. I consider this move done, for anyone that wants to swing it, we will update it with preferences and trailing stoplosses if necessary.
Trade closed: target reached:
Swing play completed at +110 pips