. There is a possibility of temporary retracement to suggested support line (1.2195). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPUSD is in a down trend and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
Price action looks to be forming a bottom.
A bullish reverse Head and Shoulders is forming.
We have a 38.2% Fibonacci pullback level of 1.2115 from 1.2075 to 1.2240.
Although the anticipated move higher is corrective, it does offer ample risk/reward today.
We look to buy dips.
We look to Buy at 1.2120
Target 1: 1.2240
Target 2: 1.2270
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.2105.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=1.2085.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
Feel free to message me on there or telegram or even here. @EdTab1
Talking about last week, next weeks ideas and some psychology insights behind the trades, Enjoy!
All ideas in video.
Although the GBP moving average is showing strong, so is the USD and the USD index still bullish from last night.
GBP is now over bought and needs a pull back before it breaks through the next key level.
IF we break out above 1.2160 the short term trend remains your friend *bullish
Watch the GBP moving average sellers sat at 1.4436
In the past I've often left trades and forgotten I had them open.
It's ALWAYS ALWAYS ALWAYS IMPORTANT to place a Stop Loss and Take profit, for every trade you place, especially if you Day/intraday/Swing & Position trade. I don't often scalp and if I do I'm usually in and out very quickly in around 10-15 minutes.
Now lets say you place a trade, entry after...
GBPUSD, Buy on H1.
- Price: Test support weekly and move up
- Structure: Minor uptrend
- Tendency: Strong upward
- Above support and MA
- waiting pullback : zone 1.220-> Give signal candle => BUY
- Take profit: 1.237