#GBPUSD Long Idea (Harmonics, 50sma, structure)
@TradeYodha
TradeYodha.com
Further to my initial analysis the which gave us 1:1 easily that zone has become a support zone now.
Analysis:
1. This zone has been resistance zone in past
2. Market is in uptrend currently
3. On higher time frame (Daily) 50 sma is the zone which will act as support
4. Price is currently over stretched away from 10sma and is oversold so a retracement is expected.
5. 50sma is xlose to the zone
Trade Execution:
1. Have 2 orders
2. First order will have approx 1:1 R/R ratio. This will be limit order
3. The second order will have target higher at the completion of ABCD pattern giving us approx 1:2 R/R
News/Fundamentals:
27 April: 10:00am GBP CBI Industrial Order Expectations
28 April: 8:30am GBP Prelim GDP q/q
28 April: 2:00pm USD CB Consumer Confidence
I would love to hear your opinion, feel free to agree or disagree in your comments. Please give it a (thumsup) if it makes any sense.
@TradeYodha
TradeYodha.com
Further to my initial analysis the which gave us 1:1 easily that zone has become a support zone now.
Analysis:
1. This zone has been resistance zone in past
2. Market is in uptrend currently
3. On higher time frame (Daily) 50 sma is the zone which will act as support
4. Price is currently over stretched away from 10sma and is oversold so a retracement is expected.
5. 50sma is xlose to the zone
Trade Execution:
1. Have 2 orders
2. First order will have approx 1:1 R/R ratio. This will be limit order
3. The second order will have target higher at the completion of ABCD pattern giving us approx 1:2 R/R
News/Fundamentals:
27 April: 10:00am GBP CBI Industrial Order Expectations
28 April: 8:30am GBP Prelim GDP q/q
28 April: 2:00pm USD CB Consumer Confidence
I would love to hear your opinion, feel free to agree or disagree in your comments. Please give it a (thumsup) if it makes any sense.
