GBPUSD Long
On this one, I'm more looking at price action. We had a double top (1, 2). Then price moved down, then back up. We didn't have a clean ABC correction/bottom breakout. Price is now consolidating (before a top breakout). Therefore, I'm more and more expecting a small correction down to the previous support zone (previous neck line, 3). Then an impulsive move up/breakout (4) up to a previous daily top @ 1.2765.
Entry: 1.2515 (or market)
Stop: 1.2490 (trail stop following bottom trend line)
Target: 1.2765 (previous daily top)
Entry: 1.2515 (or market)
Stop: 1.2490 (trail stop following bottom trend line)
Target: 1.2765 (previous daily top)
Trade active
Top breakout happened faster than expected. I'm entered at market with a stop below bottom trend line.
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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.