GBPUSD Slight retracement before shooting back up
Facts :
- GBPUSD has been in a nice uptrend for the last ~30 days, on the daily chart it's currently finding support on the trendline.
- Price has been forming higher high and lower low since yesterday.
- Market seems exhausted which seems confirmed by the stochastic
Expectations :
- Price about to retrace toward this "daily trendline" not further than the support area.
- Price will find support on the trendline
- Price will shoot back up and form a Higher high
Entry :
- Looking for an entry on the swing low not sure where exactly right now, TBC.
Exits :
- will depend on my entry, I will update this idea once I have a clearer view of what's gonna happen.
- GBPUSD has been in a nice uptrend for the last ~30 days, on the daily chart it's currently finding support on the trendline.
- Price has been forming higher high and lower low since yesterday.
- Market seems exhausted which seems confirmed by the stochastic
Expectations :
- Price about to retrace toward this "daily trendline" not further than the support area.
- Price will find support on the trendline
- Price will shoot back up and form a Higher high
Entry :
- Looking for an entry on the swing low not sure where exactly right now, TBC.
Exits :
- will depend on my entry, I will update this idea once I have a clearer view of what's gonna happen.
Trade active:
trade placed manually after seeing Retail Sales m/m results
Comment:
bought at 1.32350
Trade closed: stop reached:
Wasn't feeling confortable with this trade, decided to move my stop loss to break even. it was hit a couple hours after that