GBPUSD Long / Buy idea.
My Opinion of GBPUSD
Firstly, looking at the DXY / Dollar Index, we’d notice that price closed Bearish on the DAILY time frame.
Now, let’s take a look at the GBPUSD.
On the DAILY time frame of the GBPUSD, we’d notice that price seems to be respecting the trend line.
We’d also notice that there’s a double bottom formed on the Support level (1.34400 ) on the DAILY time frame.. the support level also serves as a Psychological Level too..
On the DAILY time frame, price closed Bullish and broke the resistance level ( 1.34850 ) then retested the new support level ( 1.34850 ) on a 4H.
Due to this confluences, I’d be taking a buy of 115pips TP and SL or 20pips.
The reason why I took a 100pips is because price might still go back and hit the trend line like it did in the past.. so, I’d want to catch a minimum of 100pips on this trade. If we get to our TP and I notice price keeps going bullish, I’d keep re entering again and keep securing more bullish pips till we hit the trendline.
Entry: 1.34850
SL: 1.34650
TP: 1.36000
Kindly tell me what you feel about this Opinion.
I’d appreciate if you could also hit the follow button.
Firstly, looking at the DXY / Dollar Index, we’d notice that price closed Bearish on the DAILY time frame.
Now, let’s take a look at the GBPUSD.
On the DAILY time frame of the GBPUSD, we’d notice that price seems to be respecting the trend line.
We’d also notice that there’s a double bottom formed on the Support level (1.34400 ) on the DAILY time frame.. the support level also serves as a Psychological Level too..
On the DAILY time frame, price closed Bullish and broke the resistance level ( 1.34850 ) then retested the new support level ( 1.34850 ) on a 4H.
Due to this confluences, I’d be taking a buy of 115pips TP and SL or 20pips.
The reason why I took a 100pips is because price might still go back and hit the trend line like it did in the past.. so, I’d want to catch a minimum of 100pips on this trade. If we get to our TP and I notice price keeps going bullish, I’d keep re entering again and keep securing more bullish pips till we hit the trendline.
Entry: 1.34850
SL: 1.34650
TP: 1.36000
Kindly tell me what you feel about this Opinion.
I’d appreciate if you could also hit the follow button.
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