$GBPUSD 1/29/16 LONG-TERM BUYING OPPORTUNITY

HERE WE GO!

TWO GOOD REASONS TO GET LONG ON $GBPUSD, ALMOST EXACTLY THE SAME SETUP AS THE GBPJPY TRADE (CURRENTLY +300 PIPS), JUST A SLIGHTLY DIFFERENT LONG-TERM PATTERN.

GBPUSD D CHART

BULLISH CRAB PATTERN

GBPUSD 4HR CHART

INVERTED HEAD & SHOULDER PATTERN

I CAN SEE THIS MARKET MOVING UP TO 1.4800 (400 PIPS) BY THE END OF NEXT WEEK, BUT I’M TAKING PROFIT AT 1.4635, 20 PIPS BELOW THE 2.000 FIB EXTENSION WHICH IS EXPECTED FROM THE HEAD & SHOULDER PATTERN. 

STOP @ 1.4295, ENTRY @ 1.4373, TP @ 1.4625

76 PIPS : 252 PIPS (RISK : REWARD)

DISCLAIMER: Trade these setups at your own risk. This post is an “educated guess” based upon my technical analysis. If you are trading live, limit your risk to 1% of your account balance. If you have zero experience trading, I highly recommend you start with a demo account before going live. Trading without a strategy and without risk management is no different than gambling. Please trade safe and responsibly!

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