nick2497

GBPUSD Long Daily (Update)

Long
FX:GBPUSD   British Pound / U.S. Dollar
Higher highs, higher lows, two legged pullback holding previous level of support, now targeting previous highs. Look for entries on H4/H1 pullbacks, and ensure that H4/H1 price action is above 200ema with nice uptrend structure.
Stop Loss set at 1.3790 (just under the demand zone ).

TRADING IDEA - NOT INVESTMENT OPPORTUNITY.
Comment: I'd exit now, cut loss short, lose 40 pips instead of 100, since this trade is more likely to not work out for the moment. Will wait for H4 correction back into a good uptrend (been ranging intraday a lot, unclear), and look for clear pullbacks on H4 if they happen to enter longs.
If the current 1.3800 level breaks convincingly, it's likely the pound could go down to 1.36 or even further. At the moment, it's not clear.
Trade closed manually
Trade closed: stop reached: ?Took a detour before hitting the previous highs of 1.4170. Shame it didn't work out, I guess the pound decided that it was overextended and took a breather before climbing again.

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