Listed confluences:
1: Trendline Breakout
2: Inverse Head and Shoulder Pattern
3: Key Level
Summary: GBPUSD has been selling off for serval day now. We are waiting for the breakout of the key level at 1.3277** on the Daily Chart as confirmation of the trade. Trade has a potential RR OF 4.43 to 1.
We will be entering and holding this trade until around the end of the month, or until target is reached, which ever comes first. If we get stopped out we will only look at the pair next month for any new trade setups.
1: Trendline Breakout
2: Inverse Head and Shoulder Pattern
3: Key Level
Summary: GBPUSD has been selling off for serval day now. We are waiting for the breakout of the key level at 1.3277** on the Daily Chart as confirmation of the trade. Trade has a potential RR OF 4.43 to 1.
We will be entering and holding this trade until around the end of the month, or until target is reached, which ever comes first. If we get stopped out we will only look at the pair next month for any new trade setups.
Comment:
The inverse head and shoulders on the daily chart and h4 chart is becoming more visible. We still have to wait for other confirmations for the trade setup to be complete.
Comment:
GBPUSD is looking to break the key level of 1.32277*. If the breakout does occur, we will consider price bullish due to the change in market structure. We will be looking to enter this trade tomorrow and hold until the target is reached, the trade is stopped out or close manually towards the end of the month.
Comment:
Breakout has occurred on Daily chart. We will be looking for entries from today. We only trade a confirmed setup once. If we get stopped out we do not look for any re-entries, we move on to the next trade to avoid over trading.
Trade closed: stop reached