theforexportal
Long

GBP/USD Headed higher

FX:GBPUSD   British Pound / U.S. Dollar
1.4228 was a significant level that GBP needed to clear as this was the low from 16.5.2010.

WE are safely above this level and with the absence of any further specific GBP related news, GBP/USD             looks to be heading higher.

I'm already in this market from 1.4275 with a STOP at 1.4248 which I shall move to b/e shortly.

Target for this trade initially is the band of resistance that lies between 1.4563 and 1.4660.

If we get up there I'll reassess my target accordingly.

Trade active: LONG from 1.4275
STOP 1.4248
Target Open
Trade active: Keeping this trade open - now +150.

1.4660 is a possible target but if we see a significant pullback I may bank.
Trade active: STOP moved to 1.4375 for +100
May I ask a question?
What's the name of the indicator: the 2 parallel blue lines with the blue zone in between? Where cab I find this one in Trading View?

Jan
Reply
TheBanker janvankuijk
Hi Jan
This is a parallel channel - if you click on the menu on the left hand side of your chart you will find this under the same drop-down option for trend lines, horizontal lines etc :)
Reply
OK Thanks!
I've found something similar in the indicators dropdwon: lineair regression.

Jan
Reply
Congratulations! Your chart has been selected to be highlighted as the post of the day. This is a great example of managing a trade within a price channel.
Reply
theforexportal walker.england
Excellent. Thanks for that !
Reply
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