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So what I can see on the 4H timeframe of the GBPUSD is a possible break of both the uptrend and upwards trendline . If price breaks this trendline, we can either see a retracement back up to the upward trendline or a straight down movement onto the next support level .
Optimum entry levels would be after the trendline breaks and retraces back to the upward trendline. Stop losses will be at least 10 pips below the previous high. Nearest take profit levels would be at 1.19928. For higher risk to rewards ratio, you can choose to trail your stop losses.
Current Risk to Rewards Ratio is 1:4.4 which is very optimal, however, do take note that not all trades will be winning trades. Remember to always only risk a maximum of 2% of your account if you want to stay in the game for long.
If you have success with this analysis, please do leave a comment to let me know.
Have a great week trading.
This is not financial advice nor am I asking you to do what I say. This is merely my ideas and technical analysis that I would be following per my strategy. If you want to find out more, do drop a comment. Cheers.
So what I can see on the 4H timeframe of the GBPUSD is a possible break of both the uptrend and upwards trendline . If price breaks this trendline, we can either see a retracement back up to the upward trendline or a straight down movement onto the next support level .
Optimum entry levels would be after the trendline breaks and retraces back to the upward trendline. Stop losses will be at least 10 pips below the previous high. Nearest take profit levels would be at 1.19928. For higher risk to rewards ratio, you can choose to trail your stop losses.
Current Risk to Rewards Ratio is 1:4.4 which is very optimal, however, do take note that not all trades will be winning trades. Remember to always only risk a maximum of 2% of your account if you want to stay in the game for long.
If you have success with this analysis, please do leave a comment to let me know.
Have a great week trading.
This is not financial advice nor am I asking you to do what I say. This is merely my ideas and technical analysis that I would be following per my strategy. If you want to find out more, do drop a comment. Cheers.