After the
Pound versus the Dollar broke yesterday’s high to the upside, we decided to
take a long or buy entry around that zone, anticipating a bullish continuation,
especially if the price broke above the 1.5500 level. Price eventually broke
above the 1.5500 level, but it is currently pulling back to the same level. At
the moment, the 1.5500 level could act as a support, but the price may continue
lower and go back below the 1.5500. That is why we decided to place out stop
loss just above our entry point in case the price comes back down. To the
upside, our take profit or target has been placed 20 pips below the next round
number level of 1.5600.
Congratulations for the excellent trade.
ReplyDeleteGood buy.
ReplyDeleteThere's a resistance level at 1.5550. If it breaks above it, I might consider opening new long positions.
ReplyDeleteExcelent tip
ReplyDeleteWell spotted and great entry.
ReplyDeleteVery useful post.
ReplyDeletevery useful analysis.
ReplyDeleteWow! Great Analysis!
ReplyDelete