Weekly Chart: 1st bearish candle after 3 consecutive winnings.
Daily Chart: Bullish - fulfilled 1/3 retracement.
From the bullish outlook on the daily chart, GBP/USD has completed its 1/3 retracement on last Thursday (3/11). If this support level 1.5860 is holding up strongly without being re-test again this week, then we shall observe GBP/USD testing last week high 1.6160, once it break above 1.6160 then set to go to next target 1.6350.
Intraday 4 hour chart:
GBP/USD has found a temporary support at 1.6000 region, has been bouncing off the EMA50 support lines, which means, after the retracement, market consolidate and once breakout (BKO) it is ready to go.
GBP/USD is trading at 1.6050, and I am going to trade aggressively today to enter with initial shadow, coupled with EMA50 short term trading strategy.
Yes, there might be two entries if market show us these realiable pattern.
Position Trade:
Long 1.6007
SL 1.5950 (50 pips)
Target 1.6310 (300 pips)
Today going out to watch Real Steel, I think this movie has been showing for quite some time.
And I couldn't trade from my mobile recently (for IG), I don't know why, may be they blocked access to certain websites.... aiks... I think I have to bring my laptop out with me...
I find this broker quite reliable (till date) and do not want to change any time soon.
Just wondering, not questioning, don't you set the target towards the closer resistance say 1.6160? Is it more on risk:reward ratio? :)
ReplyDeleteHi Black,
ReplyDeleteYou are absolutely right, the Risk : Reward for day trade is still good at least 1:2 or 1:3 :)
my first entry is always waiting for pull back, and 2nd entry is upon breakout... and all together until my 2nd target, which I aim for more...
So if market make a false break, everything will back to square and i take the money at 1st target, which i don't hope always happen this way hehehee...