GBPUSD ABC BULLISH
Hello traders! Let's delve into a promising trading setup on the GBP/USD pair.
On the daily chart, GBP/USD has formed an ABC bullish pattern, indicating a potential upward movement. The pattern is accompanied by a 50% Fibonacci retracement level, adding to its significance.
Entry Level:
The long entry level (EL) is identified at 1.2428. The price is currently trading above this level, presenting a favourable opportunity for long trades.
To manage risk, consider placing a stop-loss order below the C point of the pattern at 1.2384. This level acts as a protective barrier against adverse price movements.
Wall level at 1.2591This confirms the strength of the bullish momentum.
Partial Profit-Taking:
Traders may opt for partial profit-taking at key Fibonacci retracement levels:
38% retracement level (AB) at 1.2717
Alternatively, aim for 62% (AB) at 1.2916 or 78% (AB) at 1.3062.
Wishing everyone a great Weekend ahead! Remember to trade safely and adhere to risk management principles.
TCPLTP
Entry Level:
The long entry level (EL) is identified at 1.2428. The price is currently trading above this level, presenting a favourable opportunity for long trades.
To manage risk, consider placing a stop-loss order below the C point of the pattern at 1.2384. This level acts as a protective barrier against adverse price movements.
Wall level at 1.2591This confirms the strength of the bullish momentum.
Partial Profit-Taking:
Traders may opt for partial profit-taking at key Fibonacci retracement levels:
38% retracement level (AB) at 1.2717
Alternatively, aim for 62% (AB) at 1.2916 or 78% (AB) at 1.3062.
Wishing everyone a great Weekend ahead! Remember to trade safely and adhere to risk management principles.
TCPLTP
Comment:
On the daily chart, the ABC bullish pattern in GBP/USD has been slightly updated, with the following key levels:
Long Entry Level (EL): 1.2389
Stop Loss (ST): 1.2300
Wall: 1.2505
Partial Profit-Taking: Consider taking partial profits at the 38% retracement level of AB at 1.2625.
Targets Zone 1:
62% retracement of AB: 1.2830
78% retracement of AB: 1.2972
Trading Considerations:
Traders may initiate long positions at the long entry level, with stop-loss orders placed below the support level.
Consider taking partial profits at the specified retracement levels to lock in gains.
Monitor price action around the wall level for potential resistance or breakout opportunities.
Adjust stop-loss orders and trading strategy based on real-time market dynamics and confirmations.
Stay attentive to price movements and adapt the trading approach accordingly to capitalize on potential opportunities.