Simple 4hr trend continuation on the GBPUSD FX currency pair. This is similar to the set up on GJ I have already shared.
Weekly/Daily Bullish trendline has been respected with a bounce.
4hr timeframe is making new higher highs and higher lows. I looking to enter long on the bounce off the 4hr bullish TL and Fib 0.618 level as the overlap.
I will be targeting the Fib 1.618 extension level but there is a bearish trendline to watch out for. Hopefully this breaks.
Trade active
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Entered long at 1.30820 as planned.
Trade closed manually
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Moved to breakeven at 42pips and price then reversed. No loss of capital but this trade is no longer valid