GBPUSD 4H BUY OPPORTUNITY Long

British Pound/U.S. DollarFXCM

Description

⋅ May 28, 2020 7:10 AM

Looking at the strength and resistance and it has been a bullish candle around the support which has lead it to lead back up into a bullish movement.

I am hoping that it follows its history back unto around the area of resistance.

1:3 Risk Reward.

Just a beginner. Please give honest feedback! Always looking for tips and tricks! Thanks!

Trade active

⋅ May 28, 2020 12:17 PM

SL HIT. - A lot of movement early morning at the opening of the London session which caused the SL to be hit.

Re entered the trade.
New Entry - 1.22448
New SL - 1.22280
New TP - 1.23650

Keeping this long term still. Focusing on the 4H time frame.

Trend Analysis gbpusdlong

Comments

BazzleFrazzle

⋅ May 31, 2020 6:13 PM

Have you thought about using Fibonacci Retracements? Incorporating them into your strategy will help you to set you SL and TP helping to manage risk and increase profit potential. Price here rejected the 0.618 retracement level which would have been a good signal that price could move to the upside.

caleb_toole

⋅ May 31, 2020 9:42 PM

@BazzleFrazzle, Thanks for your comment! I am still learning and have just looked at Fibonacci and still trying to find out which points to plot. it does look like a great tool so I will be looking into it! Thanks mate!

Jasmeenkaur

⋅ May 28, 2020 7:32 AM

Good idea

caleb_toole

⋅ May 28, 2020 7:34 AM

@Jasmeenkaur, Thanks! Time to wait and see.

drfranQ

⋅ May 28, 2020 7:24 AM

Gbpusd is looking great

caleb_toole

⋅ May 28, 2020 7:30 AM

@Ubani yeah I believe so! I hope it gets back up-to near resistance.