TRADE ALERT 1

24
Jan

 

                                                                                                                     Trade Management                  
Date 24.0.13  
Currency Pair GBPUSD  
Direction Long  
Entry 1.5902  
Stop 1.5800  
Target 1 1.5953 take half off Move stop to 1.5852
Target 2 1.6180  
Move Stop @ 1.6004 Move stop to entry
Setup EOD  

GBPUSD is trading in a range between levels of weekly support and resistance. Weekly support sitting at 1.5780 and resistance at 1.6300. With price printing a Doji bar for the past three days close to our Support level it goes without saying that price will be keen to make a break. With this trade idea we are looking for price to bounce back into the range. With our market order sitting above yesterday's bar and our stop loss below the bar, if the Bulls take control and launch an attack to the long side we will be triggered into the trade and hopefully onto our well-deserved targets. If however the Bears manage to break 1.5780 support level then price will be off without us and we can cancel our order. 

 

 

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