HERE ARE 3 GOOD REASONS TO GET LONG ON $GBPUSD NEAR THE RECOMMENDED PRICE:
GBPUSD D CHART
BULLISH CRAB PATTERN
THE CRAB PATTERN HAS A VERY EXTENDED CD LEG. NOTICE THE STRONG BULLISH MOVEMENT STARTING AT THE D POINT. THE MINIMUM UPSIDE WE SHOULD SEE FROM THIS PATTERN IS 1.4785, WHICH WAS NOT REACHED LAST WEEK DURING THE RECENT UPLEG.
GBPUSD 4HR CHART
SINCE EARLY LAST WEEK THE MARKET HAS BEEN CREATING HIGHER LOWS AND HIGHER HIGHS. THIS TELLS ME THE MARKET IS STILL PUSHING TO THE UPSIDE. NOTICE WE SAW RESISTANCE NEAR THE CURRENT PRICE LAST WEEK, WHICH SHOULD NOW ACT AS SUPPORT. WE ALSO HAVE 50% FIB RETRACEMENT CONFLUENCE WITH THE PREVIOUS STRUCTURE RESISTANCE.
GBPUSD 1HR CHART
BULLISH GARTLEY PATTERN
MORE FIB CONFLUENCE HERE JUST SLIGHTLY BELOW THE 50% FIB FROM THE 4HR CHART USING THE RECENT UPLEG. TRIPLE CONFLUENCE AT STRUCTURE IS MORE THAN ENOUGH FOR ME TO GET LONG UP TO OUR LONG-TERM TARGET AT 1.4775.
STOP @ 1.4300, ENTRY @ 1.4400, TP @ 1.4775
100 PIPS : 375 PIPS (RISK : REWARD)
MOVE YOUR STOP TO BREAK EVEN WHEN THE MARKET HITS 1.4472
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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