GBP/USD Trend Following Idea
Updated
Reasons for Trade:
1) Price is still above the Moving Averages
2) Price is still making Higher Lows
3) MACD crossed the Signal Line
4) Remembered Line is significant support at the 1.5540-60 levels (there was a strong break of this level and now a retest and a few days of consolidation)
5) Price found the 55 Day MA as support level also
6) Trend Line angle 30 degrees (For me a good trend line is a line with angle between 30-40 degrees)
I will wait for tomorrow MPC Bank Rate Votes in order to trigger my trade.
1) ENTRY: Above the consolidation price around 1.5680
2) Stop Loss: Below the lows and 55 Day MA
3) Take Profit: at 1.6070 Yearly Pivot Point and next Resistance level after a break of 1.5900
1) Price is still above the Moving Averages
2) Price is still making Higher Lows
3) MACD crossed the Signal Line
4) Remembered Line is significant support at the 1.5540-60 levels (there was a strong break of this level and now a retest and a few days of consolidation)
5) Price found the 55 Day MA as support level also
6) Trend Line angle 30 degrees (For me a good trend line is a line with angle between 30-40 degrees)
I will wait for tomorrow MPC Bank Rate Votes in order to trigger my trade.
1) ENTRY: Above the consolidation price around 1.5680
2) Stop Loss: Below the lows and 55 Day MA
3) Take Profit: at 1.6070 Yearly Pivot Point and next Resistance level after a break of 1.5900
Trade closed: stop reached
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