[B]GBP/USD 1H[/B]
[B]Long or Short:[/B] long
[B]Entry Point:[/B] 1.5650
[B]Stop Loss:[/B] 1.5610
[B]
Profit Target/s:[/B] 1.5750
[B]Reward-to-risk Ratio:[/B] 2.5:1
[B]
Risk percentage:[/B] only 1%
[B]Indicators:[/B] 100SMA (red line)
[B]Trade Rationale:[/B] over the past week or so, i think the market has pretty much established that 1.5650 is a key supply and demand level. also, the trend on the 1H time frame is clearly up and i basically just plan to jump on the bandwagon, hoping it’s not too late. the 100 SMA has changed its direction over the past few days, and it could provide support for price. plus, there’s a rising trend line on GBP/USD that has held for about a week now. i’m hoping the NFP will provide some sort of catalyst for a rally.
[B]Trade Adjustments: [/B]move my stop to BE when my trade is positive by 40 pips. if i get stopped out, i will probably enter a short position since price will have broken the rising trend line by then.