11 Apr '21: GBPUSD Entry (1D)

Pair is within striking distance of a return to the weekly, bullish trend. If the trend holds, entry is noted. Long-term target is hazy, but with accompanying SL, could provide R/R of 15 or even higher. Will (re)assess on shorter time frame or frames at a later date.

Commentaire:

Having some difficulty with an old, daily resistance level. I likely would cut this one early and reassess the entry if this represents a top.

Transaction en cours:

Rejected at the 0.618 of the current, daily swing and returned to the top of the 'W'. Stoch is bottoming out and consolidating. A re-entry around 1.3823 may be advantageous. Will reassess this pair for the coming week on a new chart, and finally break down those lower time frames. :-)

Trade fermée manuellement:

See 26Apr2021 update on this pair. This one will have to come up hard and fast, or risk breaking the weekly trend line that established shortly after COVID (March, 2020).

Commentaire:

Turns out it came up hard and fast, and then broke the trend line anyway.