GBPUSD POTENTIAL LONG @ ~1.52480
I have been following GBPUSD since the last week in February (24/02/2015) and got in on a short (with a limit order filled on 26/02/2015) of the pair @ ~1.55500.
I racked up 140 pips by the end of day but I locked in 110 pips and let the market kick me out.
The market is moving back towards the bigger picture demand zone below @ ~1.52480 which should see a bounce (as it is the 0.50 of the prior up swing).
The bigger picture trend is down so profit margin will be limited to the forming of a strong supply on approach to the demand zone.
Look for good reward:risk ratios (3:1 at least). A bounce from the demand zone should send the market back up to ~1.55500.
This will be affected MASSIVELY by news on Friday. Hopefully, the news pushes price right into the zone.
A 60-pip stop loss is not my type of risk. I'll wait for the market to penetrate the zone and the reverse before entering on exit from the zone.
I racked up 140 pips by the end of day but I locked in 110 pips and let the market kick me out.
The market is moving back towards the bigger picture demand zone below @ ~1.52480 which should see a bounce (as it is the 0.50 of the prior up swing).
The bigger picture trend is down so profit margin will be limited to the forming of a strong supply on approach to the demand zone.
Look for good reward:risk ratios (3:1 at least). A bounce from the demand zone should send the market back up to ~1.55500.
This will be affected MASSIVELY by news on Friday. Hopefully, the news pushes price right into the zone.
A 60-pip stop loss is not my type of risk. I'll wait for the market to penetrate the zone and the reverse before entering on exit from the zone.
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