GBP/USD Long

Haven’t posted in a while but I have a swing trade setup for GBP/USD. Thought I’d share it with you all.


GBP/USD, Daily
Entry: 1.5975 (market)
Stop Loss: 1.5900 (below 2-week low)
Profit Target: Trail of 75 pips
Trade Rationale:

Technically, a lot of indecision candles have formed. Support could also be found at this area. I’m also banking on traders being bullish after yesterday’s BOE statement. The BOE opted to NOT expand its QE program despite the most recent one expiring this month.

I suspect we might see GBP/USD pullback for 2-3 days before continuing downward.

Good Idea.,

I will keep 1st TP @ 1.6150 and 2nd @ 1.6250.


Is this trade still valid?

I don’t think. Presently price is below stop loss level. I didn’t enter because of fewer other positions. Planning to short on a pull back @ 1.5950

Ok. What positions are you holding at the moment?

Presently only one. EURGBP long. Now the price is testing SL. Early morning I was stopped out in a GBPJPY long trade. Bad Luck. It seems, this month the market is not in my favor. Even then I am plus in my account. You can see the details in my thread Bijoy’s Trading Set ups.