Day Trade - Channel Reversal
Bounce off Channel Low - Looking to go long up to 1.7200 area (two targets)
Entry at 1.6225
Stop at 1.6185
TP 1 at 1.7200 (1:19) Risk Reward
TP 2 at 1.6680 (1:8)
With AUD looking bearish on all pairs today and GBP gaining strength with fairly good data - Could be a fast moving trade.
Daily Trade using weekly Open for Stop Loss.
Weekly Doji at Support - Looking to go long up to 1.5500
Entry at 1.48000
Stop at 1.47500
TP at 1.55000
Risk Reward of 1:8
Target is 1.55 due to where market gapped previously
4hour Long trade from daily support.
Market has broken through resistance, it is now support.
If at 2am GMT this candle stays bullish , I am trading it under the low for a 1:4 Risk / Reward Ratio.
I was initially taken out trading the previous train tracks (highlighted with arrows. as would be the equivalent of a nice Bullish candle on the 8 hour.) however I'm...
GBP is proving strong even after slightly lower CPI. Strong dollar news of PPI and Yellen could not get it to close lower than 1.2460. Recent close of the last 4 x 4 hour candles were higher than the previous low from 10th Feb and a new high was created at 6am this morning.
Weekly candles are bullish suggesting a double bottom was created.