Happy New Year! I’m back to share my trade ideas! Here’s what I’ve got for this week.
GBP/USD, 1-Hour
See chart here:
Long or Short: Long
Entry Point: Market (1.5425)
Stop Loss: 1.5360
Profit Target/s: 1.5500 (but I suggest putting a trailing stop also of 50 pips)
Reward-to-risk Ratio: A little over 1:1 in the beginning but can be more depending on how position is managed
Risk percentage: 2%
Indicators used: RSI (9)
Trade Rationale:
Mostly a technical play since I really don’t know what to expect in the coming days yet. It’s just the start of the new year, and major market themes have yet to develop.
- Formed a “Hammer” at the 1.5400, which is a major level
- Bullish Divergence
