Carlos44

GBP/USD LOOKING AT BUYS ON GU FROM 1.35900-1.36000

Long
FX:GBPUSD   British Pound / U.S. Dollar
Looking at buying gu from a better price from the area 1.35900-1.36000

current trend - bullish - we can see gu has been making higher highs but now we are stuck in some sort of wedge we have stopped making higher highs but also we have kinda stalled at the 1.37 level looks like this is a very good level of resistance as it has held up more than once.It has been held up around 3 times over the course of the month this looks to me like it won't hold much longer and will break above this level and fill the imbalance at 1.377 and then all the way up to the 1.42 region this lines up with the 5th wave on my Elliot wave

looking at 4hr structure everything suggest to me that GBP/USD will continue its uptrend and break out at some point for this reason I will only be looking for buys its very bullish no point trying to sell

But for now we can look for buys up to the upper G1 or even back to the 1.37 zone from a better price.

conflunces for gu buys

1. Higher highs on long term and short term time frame
2. S1Vintraday 20/01/21
3. LOWER G1
4. Also lines up with intraday fib 50%
5. Bullish trend line
6. 1hr candle imbalance
7. usd bearish long term

confluences for target

1. upper G1
2. INTRADAY R2
3. -0.50%


BUY LIMIT - 1.35900
STOP LOSS - 1.35750
TAKE PROFIT -1.36900
RISK TO REWARD 1:7

overall verdict ; Looking at price right now we can go straight to my target but lets wait and see how price plays out hopefully come to my buy zone looks like we could see a very nice move from this region . BULLISH= Looking for a little pullback before entering a buy

Look out for bullish reversal candle in my buy zone then you can enter or just set a limit order if you see strong bearish price action around this area do not enter

(DO NOT ENTER THIS TRADE IF WE BREAK BELOW OUR STOP LOSS THIS TRADE WILL BE INVALID IF WE BREAK BELOW 1.35750)



Trade closed: target reached: WENT STRAIGHT TO TARGET WITHOUT ANY PULLBACK
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.