Top Down Analysis:
- Monthly: The pair has been in an uptrend since the start of 2017;
- Weekly: Last Weekly candlestick broke above previous resistance, bullish activity expected for the coming week;
- Daily: Break of Bearish Trend Line of 25/01, 01/02, 26/03 highs. Although we broke above, Friday printed a Bearish Pin Bar ;
- 4 Hour: First candle of market open completely engulfed last Friday's closing candle, near a important S/R zone.
Confluences:
-GBP shows seasonal strength on April for the past 10 years;
-Monthly uptrend;
-Break of Weekly Resistance;
-Break of important Bearish Trend Line on the Daily time frame;
-Bullish Engulfing showing rejection of 1.424 level which was resistance on 26/03 highs;
Entry Trigger:
-Bullish Engulfing .
Stop Loss Placement:
-3 PIPs below trigger candle's low
Target Profit:
-25/01 Swing High.
Trade Management:
- Set and Forget.
______________________________________________________________________________
RESULT: TP HIT
- Monthly: The pair has been in an uptrend since the start of 2017;
- Weekly: Last Weekly candlestick broke above previous resistance, bullish activity expected for the coming week;
- Daily: Break of Bearish Trend Line of 25/01, 01/02, 26/03 highs. Although we broke above, Friday printed a Bearish Pin Bar ;
- 4 Hour: First candle of market open completely engulfed last Friday's closing candle, near a important S/R zone.
Confluences:
-GBP shows seasonal strength on April for the past 10 years;
-Monthly uptrend;
-Break of Weekly Resistance;
-Break of important Bearish Trend Line on the Daily time frame;
-Bullish Engulfing showing rejection of 1.424 level which was resistance on 26/03 highs;
Entry Trigger:
-Bullish Engulfing .
Stop Loss Placement:
-3 PIPs below trigger candle's low
Target Profit:
-25/01 Swing High.
Trade Management:
- Set and Forget.
______________________________________________________________________________
RESULT: TP HIT
Comment:
+1.9R