What do you think about my long signal?
Hey trader, what do you think about the market so far this week?
I’ve got to say, some currency pairs have been trading in a very clear condition, such as the EURNZD, USDCAD, NZDUSD and others…
These pairs have everything we need to trade them:
- Clear S&R levels
- Clear swings
- Clear ranges
But there are others though that arent that clear anymore…
For instance, last week I thought the EURUSD was trading in a bearish condition, but it retraced back…
What are your thoughts about the market?
Anyway… here is everything about my signal in the GBPUSD
GBPUSD long term analysis
Here is my long term chart:
It looks like the GBPUSD already broke through an important LT resistance level and you know the rest…
Once the market breaks through an important level, it is likely to continue in the same direction at least until it reaches the next LT resistance level (in this case) which is at 1.6281.
And that’s everything I need to know to start looking for trade opportunities in the GBPUSD
- I know that I’m going to trade the GBPUSD
- I know what direction to trade (long)
- Until when? (1.6281)
Ok know on to the short term charts
GBPUSD long signal
Here in my short term chart:
It’s the third time the market tries to break through that level, so it’s obviously a very important level…
So I know that once the GBPUSD breaks through that level, it is likely to continue its way up at least until it reaches the next LT resistance level.
Therefore I’m going to set a pending order to go long above that level…
Here are the details of my trade:
Stop entry order (pending order): 1.5841
Stop loss: 1.5801
Take profit: 1.6241
What do you think about my risk-reward ratio? pretty good ha?
What do you think about the market so far this week?
What about my signal? What kind of risk reward ratio do you use?
Please share your thoughts in the comment section.