Buying GBP/USD
I think there is opportunity for me to buy from the deep at the current price. Below is the details of the trade:
Date : February 1st
Time : 10.40 A.M. (GMT +8)
Buy at : 1.5942
Stop Loss : Tight at 20 pips (1%)
Take profit : Currently set at 1.6015 (3.22%)
GBP/USD 1H ChartThis will be my first trade of the day and I expect to take the loss if the price going further down and will still looking to buy at range of 1.5870/90. There would be much greater support in that range as it was the previous up swing low and also where a lower trendline of a bullish trend lies. Breaking both support, I will reanalyze and consider for selling position.
GBP/USD 4H ChartI will later post the outcome of the trade. Have a nice day!
*Update 1
Pending order for Sell Limit set at 1.6045 which is roughly the daily Pivot with tight tight Stop Loss of 25 pips (1%) and target profit at 1.5890 at 155 pips (6.8%).
*Update 2
Initial stop loss at 1.5922 was lowered to 1.5902 (2%) which is below the daily support 1. Another buy order was added at 1.5921 with stop loss at 1.5902 (0.3%). No further buy position will be added instead look for opportunity to sell after retracement if both buy position being taken out.
*Update 3
Stop loss has been hit. Cannot avoid by taking loss. However still looking for buy opportunity as price has reached the daily lower triangle and there is also a major support which holding the current bear run.
*Update 4
Enter buy position at 1.5875 with tight stop loss at 20 pips (1%). Current target will be looking for the price to re-test resistance at 1.6015 (140 pips @ 6.5%). Further drop will be looking for a pullback to 1.5850 to enter sell.
GBP/USD 4H Chart
-Fareed
*Update 1
Pending order for Sell Limit set at 1.6045 which is roughly the daily Pivot with tight tight Stop Loss of 25 pips (1%) and target profit at 1.5890 at 155 pips (6.8%).
*Update 2
Initial stop loss at 1.5922 was lowered to 1.5902 (2%) which is below the daily support 1. Another buy order was added at 1.5921 with stop loss at 1.5902 (0.3%). No further buy position will be added instead look for opportunity to sell after retracement if both buy position being taken out.
*Update 3
Stop loss has been hit. Cannot avoid by taking loss. However still looking for buy opportunity as price has reached the daily lower triangle and there is also a major support which holding the current bear run.
*Update 4
Enter buy position at 1.5875 with tight stop loss at 20 pips (1%). Current target will be looking for the price to re-test resistance at 1.6015 (140 pips @ 6.5%). Further drop will be looking for a pullback to 1.5850 to enter sell.
GBP/USD 4H Chart
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