We have a GREAT pattern on a daily chart, this has been long awaited!
We have some GBP volatility coming with the Dec 7th vote in the UK pertaining to Brexit, but we have nearly a month to tackle this trade.
ENTRY: two things, first get a daily close a above the descending trend line. Also I'd like to see 1.6550 break, then I'll buy pull backs with short term trend lines on hourly and 15 minute charts.
TARGET: monthly pivot at 1.7200 at least, I will create symmetry measurements as the move progresses.
STOP LOSS: I will stay in this trade as long as it stays above the descending trend line, otherwise we have to use a 400-500 pip stop loss, that is TOO big for me!
We have some GBP volatility coming with the Dec 7th vote in the UK pertaining to Brexit, but we have nearly a month to tackle this trade.
ENTRY: two things, first get a daily close a above the descending trend line. Also I'd like to see 1.6550 break, then I'll buy pull backs with short term trend lines on hourly and 15 minute charts.
TARGET: monthly pivot at 1.7200 at least, I will create symmetry measurements as the move progresses.
STOP LOSS: I will stay in this trade as long as it stays above the descending trend line, otherwise we have to use a 400-500 pip stop loss, that is TOO big for me!
Note
Here is an update of what I want to see happen next, the initial break out was tough to get a good entry, we have a nice pull back playing out right now, see chart:
Jared Johnson
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Jared Johnson
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.