GBPUSD 08/05/2020
Expecting a long position on this Pair... The bullish pinbar on the resistance level line forming a false breakout hints a clear bullish continuation signal. Also, our previous resistance level becoming our new support level is a good confluence for this trade.
Entry at 1.31630 after the channel resistance level break, Take Profit 1 at 1.33379 (176 pips), Take Profit 2 at 1.35754 (415 pips), and stop loss at 1.29847 (176 pips) leaving our Take Profit 1 at 1:1 RR and Take profit 2 at 2.35 RR.
This analysis was made on a Weekly time frame, I'm a swing trader and not a scalper so I tend to hodl positions more and may have a trade active trade for longer time periods.
There is a possibility for GBPUSD to rise to the previous month's high considering the strong bullish power of the trend, I'm in this trade with my Closing positions as high as Take Profit 5 for the all time higher high from previous weeks.
This is my personal opinion of how I think the market will behave, I advice to always go through this carefully and re-analyse and only take what's applicable to you from this analysis. The market can not be fully predicted and is subject to changes based on some factors and events. Use proper risk/money management of not more than 2% of your account size, and always use the appropriate lot size when taking trades.
You can make and lose money trading on the foreign exchange market, Always invest money you can afford to lose (Not like we hope to lose though)
Entry at 1.31630 after the channel resistance level break, Take Profit 1 at 1.33379 (176 pips), Take Profit 2 at 1.35754 (415 pips), and stop loss at 1.29847 (176 pips) leaving our Take Profit 1 at 1:1 RR and Take profit 2 at 2.35 RR.
This analysis was made on a Weekly time frame, I'm a swing trader and not a scalper so I tend to hodl positions more and may have a trade active trade for longer time periods.
There is a possibility for GBPUSD to rise to the previous month's high considering the strong bullish power of the trend, I'm in this trade with my Closing positions as high as Take Profit 5 for the all time higher high from previous weeks.
This is my personal opinion of how I think the market will behave, I advice to always go through this carefully and re-analyse and only take what's applicable to you from this analysis. The market can not be fully predicted and is subject to changes based on some factors and events. Use proper risk/money management of not more than 2% of your account size, and always use the appropriate lot size when taking trades.
You can make and lose money trading on the foreign exchange market, Always invest money you can afford to lose (Not like we hope to lose though)
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