GBPUSD Long by Bijoymj


Time frame: 4 Hour

Long or short: Long

Trade rationale:

  1. Price has already broke through the falling trend line (Yellow line) indicating a trend reversal.
  2. 1.5050 area is in line with the newly formed rising trend line (White line), Fib 38.2 and previous S/R
  3. Keeping stop loss just below fib 61.8 and take profit at next resistance gives an RR ratio of 1:1.5

Entry: 1.5050

Exits: SL at 1.4950, TP at 1.5200




very simple and disciplined logic Sir!

Dear Sir! Is this forecast supported by fundamental analysis? Anyhow it is good work done.

+ve reports coming from Euro Zone may work for the Pound too…

Till now the price is ranging above the entry point. I wish let the price touch trend line, before entering on trade. If the price touches trend line below our entry point, then we can execute a buy stop order at the same place for a more conservative entry.

I reckon price will come down to 1.500 area before going long