The triangle has been broken to the upside on GBPUSD
Hey guys,
just wanted to share my view on gbpusd; as you can see price has recently broken to the upside this simple pattern called triangle. It's basically made of two converging trendlines that encompass price action. You can take advantage of this pattern by simply buy at the first candle close above/below one of the trendlines, or you can wait for a retracement and then enter the market.
The bigger retracement has already happened, but as of now price level is nice in order to have a positive risk to reward ratio at the retest of the daily resistance near 1,2550, so it's appealing to me.
Entry at market, stops below 1,2400 even handle, target1 near 1,2550, target2 to be determined (approximately near the dark green line).
Let's see.
If you have any question, feel free to type it in below.
Otherwise, see you in the next chart!
just wanted to share my view on gbpusd; as you can see price has recently broken to the upside this simple pattern called triangle. It's basically made of two converging trendlines that encompass price action. You can take advantage of this pattern by simply buy at the first candle close above/below one of the trendlines, or you can wait for a retracement and then enter the market.
The bigger retracement has already happened, but as of now price level is nice in order to have a positive risk to reward ratio at the retest of the daily resistance near 1,2550, so it's appealing to me.
Entry at market, stops below 1,2400 even handle, target1 near 1,2550, target2 to be determined (approximately near the dark green line).
Let's see.
If you have any question, feel free to type it in below.
Otherwise, see you in the next chart!
Trade closed: target reached:
Gain with no pain! Right after the entry price rises and hits target1. Roll your stops to breakeven. Let's see if we can earn some more profit!
Comment:
Target2 placed at 0,7645s but let's wait and see how price reacts to the resistance zone it's fronting. If we get an opposite signal we would exit the trade. I'll keep you updated.
Trade closed: target reached:
Out the second position at 1,2550.
Comment:
It turned out to be a good choice since we could have been stopped out for break even at the ensuing candle
