Jai30
Long

GBPUSD Looking Bullish! Long Opportunity

FX:GBPUSD   British Pound / U.S. Dollar
With a top down analysis, GBPUSD is looking bullish with numerous areas of confluence! The weekly shows a morning star formation, the daily shows a very strong bullish pin bar rejection from the Moving Averages (MA and EMA ) after a bearish pin bar from a resistance level of 1.30800 but the bulls came back and pushed the price up and it closed on a bullish candle filling the previous bearish pin bars wicks.

The 4H shows a bit of consolidation/choppy-ness between the weekly resistance zone of 1.30200 and 1.30800 (Around the psychological level of 1.30500). The 4H after a strong bullish week, experienced a re-tracement towards the market close and was rejected by the 61.8% fib and then continued bullish . The market closed on an inside bar formation (Harami) and this can be seen as a reversal or continuation. With the market being at a weekly resistance zone , I will not be entering until clear rejection from the 1.30500 level has been made.

Also, beware of the psychological levels of 1.30000, 1.30500, 1.31000, 1.31500 and 1.32000! Myself personally, will be looking for an entry as described, with rejection from 1.30500 and a TP around 1.31850, around 15 pips short of psychological levels to aim to ensure they are hit as experience has taught me they can sometimes fall slightly short and then reverse.
Trade active: Entered on the 22:00 Pin Bar. Entered aggressively on the low of the Pin Bar before it even retraced. Not recommended but I was watching the price action on the open like a hawk and liked what I seen and entered.
Trade closed manually: trade closed with around 70 pips profit at the 1.31400 level as 2 4H candles failed to close above and this has been an area of resistance in the past. Will look for another entry opportunity bullish if the confluence and a break and rejection is shown from this level.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out