Have entered long at market with the intention of adding to the position on a further retrace to 1.18. Initial target is 1.19 with second target at 1.2 where I would expect a bounce. Many investment banks have forecasted 1.18 - 1.20 by the end of 2020 but these forecasts are rumoured to have been pushed higher. Information obtained from Financial Source.
Current area could be seen as a support zone with a further liquidity zone at 1.18. May go a little bit lower if there is a squeeze to take out any stops just below recent swing low.
Current area could be seen as a support zone with a further liquidity zone at 1.18. May go a little bit lower if there is a squeeze to take out any stops just below recent swing low.
Trade closed: stop reached:
Pulled my stop really close to 1.1969 in anticipation of a larger rejection of 1.200.
Will engage a new long at 1.1900 if given the opportunity. If not I will need to look at break and re-tests of 1.2000.
Took an additional £9.71 off of the last position taking overall profit to around £20.
Will engage a new long at 1.1900 if given the opportunity. If not I will need to look at break and re-tests of 1.2000.
Took an additional £9.71 off of the last position taking overall profit to around £20.
Took two portions of this trade off at around £11 profit today just incase it bounces off of 1.1900 which it currently seems to have done. Would need a deeper retracement though before re-entering.