GBPUSD just broke out of bear trend. Now what?
Trend
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Daily Trend: Consolidation
4H Trend: Up
Signal
---------------------------
Flag Pattern
Target Prices
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Entry - 1.30170
SL - 1.29377
1st Target: 1.30963
2nd Target: 1.31360
Strategy:
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Trend continuation as price broke out of the parallel channel shown on the chart.
Description:
--------------------------
We have been seeing previous down trend coming to stop at least for the time being.
If we look into 4H, the price is making higher lows & highs, forming short-term up trend.
Since price has broken out of it's trend resistance, we now have a solid reasoning behind taking long position.
Price should continue to move up per Dow's theory.
--------------
Daily Trend: Consolidation
4H Trend: Up
Signal
---------------------------
Flag Pattern
Target Prices
--------------------------
Entry - 1.30170
SL - 1.29377
1st Target: 1.30963
2nd Target: 1.31360
Strategy:
--------------------------
Trend continuation as price broke out of the parallel channel shown on the chart.
Description:
--------------------------
We have been seeing previous down trend coming to stop at least for the time being.
If we look into 4H, the price is making higher lows & highs, forming short-term up trend.
Since price has broken out of it's trend resistance, we now have a solid reasoning behind taking long position.
Price should continue to move up per Dow's theory.