Finally, a decent long opportunity for GBP/USD. A bullish
Crab Pattern has emerged, however, there is still a chance
of price dipping lower once more, especially with all the
upcoming news as well as tomorrow's BoE interest rate
decision.
Nonetheless, technically at least a long opportunity is
available, note also the bullish divergence on the MACD,
which additionally supplies bullish momentum.
Trade long 1 (RvR ratio 3.51)
Entry: Close above .1.3191 and/ or above 10SMA (if price
holds above the 10SMA until the next 4 hour candle then
this pattern would be very safe to enter)
S/L: 1.3118
T/P 1: 1.3262
T/P 2: 1.3297
T/P 3: 1.3333
T/P 4: 1.3383
T/P 5: 1.3447
Trade long 2(RvR ratio 2:1)
Entry: Close above 1.3447
S/L: 1.3355
T/P 6: 1.3473
T/P 7: 1.3473
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading
Crab Pattern has emerged, however, there is still a chance
of price dipping lower once more, especially with all the
upcoming news as well as tomorrow's BoE interest rate
decision.
Nonetheless, technically at least a long opportunity is
available, note also the bullish divergence on the MACD,
which additionally supplies bullish momentum.
Trade long 1 (RvR ratio 3.51)
Entry: Close above .1.3191 and/ or above 10SMA (if price
holds above the 10SMA until the next 4 hour candle then
this pattern would be very safe to enter)
S/L: 1.3118
T/P 1: 1.3262
T/P 2: 1.3297
T/P 3: 1.3333
T/P 4: 1.3383
T/P 5: 1.3447
Trade long 2(RvR ratio 2:1)
Entry: Close above 1.3447
S/L: 1.3355
T/P 6: 1.3473
T/P 7: 1.3473
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading