GBP/USD - great risk-to-reward for a longterm buy
GBPUSD has hit a lovely energy point right at the cross. Also on the horizontal line very close to the last major bottom. Plan is to go long here and hold for different TP's depending on one's ability to hold medium or long term. Stop Loss should be placed below the downsloping Median Line and also a bit below the last major bottom, in case of an overshoot of the ML (which is not rare on very big timeframes).
Trade is Long GBPUSD cmp (1.24600)
Stop Loss: 1.23000
TP 1: 1.29400 (take some profit and if one chooses to hold the rest put SL above BreakEven)
TP 2: 1.34400 (take most profit and SL of the rest at TP 1)
TP 3: 1.38300 (low risk / low chance target at the point of hitting TP 2)
As always, one shouldn't risk more than 4% of his/her account.
These positions are by no means a sure win, they are derived from analysis and are not signals and tips.
Trade on your own due diligence.
Thread carefully,
Nick
Trade is Long GBPUSD cmp (1.24600)
Stop Loss: 1.23000
TP 1: 1.29400 (take some profit and if one chooses to hold the rest put SL above BreakEven)
TP 2: 1.34400 (take most profit and SL of the rest at TP 1)
TP 3: 1.38300 (low risk / low chance target at the point of hitting TP 2)
As always, one shouldn't risk more than 4% of his/her account.
These positions are by no means a sure win, they are derived from analysis and are not signals and tips.
Trade on your own due diligence.
Thread carefully,
Nick