GBPUSD Weekly candle closed with Marubozu style (strong bullish momentum), expecting some further upside.
Reason :
- This pair has been ranging around 140pips for almost one month since April.
- It has been trying hard to break above the ranging price (deep blue highlighted area)
- Retest of 4th time was a fake out, 5th was successful on Friday closing.
- Potential to reach next resistance points :
Entry point Long : 1.30 area ; TP1 : 1.3120 area, TP2 : 1.3180 ; SL 1.2930 area
Risk Reward 1:1.7
Always remember to trade with stop-loss, market is crazy & cunning*
Reason :
- This pair has been ranging around 140pips for almost one month since April.
- It has been trying hard to break above the ranging price (deep blue highlighted area)
- Retest of 4th time was a fake out, 5th was successful on Friday closing.
- Potential to reach next resistance points :
Entry point Long : 1.30 area ; TP1 : 1.3120 area, TP2 : 1.3180 ; SL 1.2930 area
Risk Reward 1:1.7
Always remember to trade with stop-loss, market is crazy & cunning*
Trade active:
Entered LONG @ 1.2975 - 20pips on hand now ~
Trade active:
Trade active:
With setup above, SL was actually moved lower than fib level 61.8% @ 1.2880.
BUY limit was triggered on 1.2935 area, target to 1.31 still intact. I am still bullish bias on this pair.
I will update this pair again in a new setup next week. Good luck traders
BUY limit was triggered on 1.2935 area, target to 1.31 still intact. I am still bullish bias on this pair.
I will update this pair again in a new setup next week. Good luck traders
new idea published.