Wednesday, 26 October 2011

GBP/USD Analysis

Pin bar candle off support on the daily timeframe has given a good bullish price action setup. Bounce off 8ema and support at 15903 which was twice before previous resistance. Moving averages up with strong momentum. Trend up.

Have gone long as per below:

STOP: 15879
ENTRY: 15970.2
LIMIT: 16152

Risk/Reward: 2/1

Posted by at

3 comments:

  1. Tee Man27 October 2011 at 22:57

    Stop in at b/e

    ReplyDelete
  2. Tee Man27 October 2011 at 23:06

    As momentum is very strong and moving averages are pointing up, i extending the limit frm a 2/1 to 4.5/1 risk reward ratio. It will either now stop out at b/e or break current resistance and move towards the 16400s. New limit is now 16379

    ReplyDelete
  3. Tee Man31 October 2011 at 23:11

    Stopped out at b/e. The plan to change my limit backfired as we bounced off resistance. Should've stuck to the original plan and the trade would've been a success

    ReplyDelete

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