GBP/USD|PREVIOUS ANALYSIS|31ST DECEMBER 2018|BULLISH MOVE
GBP/USD | TRADE SETUP USING PREVIOUS HIGHER HIGH/LOWER LOWS + TREND LINES + SUPPORT & RESISTANCE. (4 HOUR CHART)
PRICE DESCENDS RAPIDLY AT (1.27672 | 10TH DECEMBER 2018 | 10:00AM) TO (1.24861| 11TH DECEMBER 2018 | 18:00PM)
NOTE | WHEN PRICE DECREASES RAPIDLY THERE IS ALWAYS A PULLBACK.
PRICE ASCENDS SLOWLY AT (1.24861 | 12TH DECEMBER 2018 | 22:00PM)
NOTE | PRICE IS IN POSITIVE TREND DUE TO PULLBACK = BULLISH MOVE
BLUE DOTTED HORIZONTAL TREND LINE | USED THIS TO ENCOUNTER (STOP/LOSS 1 AT 1.26172)
NOTE | TEMPORARY STOP/LOSS | IN CASE OF PRICE REJECTION
YELLOW HORIZONTAL TREND LINE | USED THIS TO ENCOUNTER (STOP/LOSS 2 AT 1.27672)
NOTE | STOP/LOSS WAS ENCOUNTERED TO TAKE PROFIT.
TREND LINES | USED TO PREDICT POTENTIAL PRICE BREAK THROUGH
NOTE | PLACED ON PREVIOUS HIGHER HIGH & LOWER LOW | PRICE BROKE THROUGH AT (1.26968)
PRICE DESCENDS RAPIDLY AT (1.27672 | 10TH DECEMBER 2018 | 10:00AM) TO (1.24861| 11TH DECEMBER 2018 | 18:00PM)
NOTE | WHEN PRICE DECREASES RAPIDLY THERE IS ALWAYS A PULLBACK.
PRICE ASCENDS SLOWLY AT (1.24861 | 12TH DECEMBER 2018 | 22:00PM)
NOTE | PRICE IS IN POSITIVE TREND DUE TO PULLBACK = BULLISH MOVE
BLUE DOTTED HORIZONTAL TREND LINE | USED THIS TO ENCOUNTER (STOP/LOSS 1 AT 1.26172)
NOTE | TEMPORARY STOP/LOSS | IN CASE OF PRICE REJECTION
YELLOW HORIZONTAL TREND LINE | USED THIS TO ENCOUNTER (STOP/LOSS 2 AT 1.27672)
NOTE | STOP/LOSS WAS ENCOUNTERED TO TAKE PROFIT.
TREND LINES | USED TO PREDICT POTENTIAL PRICE BREAK THROUGH
NOTE | PLACED ON PREVIOUS HIGHER HIGH & LOWER LOW | PRICE BROKE THROUGH AT (1.26968)
Trade closed: target reached