jevanss25
Long

GBPSEK - LONGS around 11.32650 (speculative)

FOREXCOM:GBPSEK   British Pound / Swedish Krona
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2
GBPSEK is trending hard to the downside, however as per the chart, price is approaching a very strong weekly Support line.

While I accept this is a low probability trade (likely get stopped out as im not willing to sustain massive losses), the Risk/Reward ratio is significant enough to warrant a little speculation.

The ideal set up is;

Entry; 11.32650
SL; 11.28000
TP1; 11.59650
TP2; 11.63500
TP3; 11.69600
TP; Free (maybe 12.15)

Trade active: Been so caught up with the EURUSD trades that I forgot to post on here.

So - luckily we decided to jump the gun a little and have a few small long positions with an average price of 11.3505

We can afford to get in early here as the RR set up, even for TP1 is still over 2:1
Comment: Scaled in a few trades here - need to keep an eye on price around 11.3935 - 11.405 area - this seemed to act as a small area of support / resistance - with price just ranging here. NOTE THIS MAY BE FALSE as it could be a reflection of declining trade volumes

It could well break this easily.

TP1 is around 11.422
However, we are looking for 11.53 area to exit the majority of positions.
Comment: As noted above - price was rejected from 11.3935 range - took some small profits here - but still locked into a few trades and will be looking for more buys if we et back down to 11.31 - 11.30 area
Trade closed manually: So as per the above, we took some profit on this, let the rest run and got stopped out - overall still a tiny gain on this.

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