What's going on traders,
Here I'm going to give a quick overview of the long term trade I took on GBP/USD. Here we're looking at GBP/USD on the 4H time frame. As you can see we have a falling wedge forming on the 4 Hour time frame on the pair. I was watching closely what price was doing. Price was begging to respect well-known zones that I had marked up from past trades. I have circles my 3 touches I found to confirm my falling zone.
Once we had a breakout to the upside of this falling wedge I knew I was going to begin to look for a clean entry. Price shot up and bounced back down to a previous zone I had marked up. This was a perfect entry spot for a long position on the trade. Once I saw this form and had candles closing above I made my Entry on the trade.
Now as far as TP levels go. I found 3 different TP levels within this trade all based on all the zones I had marked up. I placed my entries and rode the trade to my First TP that hit at 100+ pips, My second position on the trade went to 230+ pips and finally the third position went for 300+ pips.
Overall this was a long term trade that did take some time but it did play out nicely. Have any questions or comments on this trade? Comment below or message in the group messages!
Take care traders,
Read the full post here
officialmarketiq.com...-usd-trade-breakdown
Here I'm going to give a quick overview of the long term trade I took on GBP/USD. Here we're looking at GBP/USD on the 4H time frame. As you can see we have a falling wedge forming on the 4 Hour time frame on the pair. I was watching closely what price was doing. Price was begging to respect well-known zones that I had marked up from past trades. I have circles my 3 touches I found to confirm my falling zone.
Once we had a breakout to the upside of this falling wedge I knew I was going to begin to look for a clean entry. Price shot up and bounced back down to a previous zone I had marked up. This was a perfect entry spot for a long position on the trade. Once I saw this form and had candles closing above I made my Entry on the trade.
Now as far as TP levels go. I found 3 different TP levels within this trade all based on all the zones I had marked up. I placed my entries and rode the trade to my First TP that hit at 100+ pips, My second position on the trade went to 230+ pips and finally the third position went for 300+ pips.
Overall this was a long term trade that did take some time but it did play out nicely. Have any questions or comments on this trade? Comment below or message in the group messages!
Take care traders,
Read the full post here
officialmarketiq.com...-usd-trade-breakdown