I'm going against the current bear trend here after all GBP pairings have taken a beating and looking to take a long on this pair.
At the very least we can expect a relief bounce from this point as 4 trend lines are all converging at one point.
We have a trend line dating back from sept 2011 being tested for the first time since oct 2016 plus 3 others all being tested too(all info on chart).
I feel that now is a good entry point because as we go down on to a smaller tf we are getting bullish divergence on a 4hr tf this confirming a good entry point.
I consider this to be a low risk trade as a stop loss will be placed at 129.070 and possible first take profit targets will be minimum 131.553. Thats a Risk 2 Reward Ratio of 1:3.9
I don't have a clear sell target yet as i want to see how the market reacts and what it gives us.
As the trade unfolds i will update accordingly.
Happy and safe trading guys
At the very least we can expect a relief bounce from this point as 4 trend lines are all converging at one point.
We have a trend line dating back from sept 2011 being tested for the first time since oct 2016 plus 3 others all being tested too(all info on chart).
I feel that now is a good entry point because as we go down on to a smaller tf we are getting bullish divergence on a 4hr tf this confirming a good entry point.
I consider this to be a low risk trade as a stop loss will be placed at 129.070 and possible first take profit targets will be minimum 131.553. Thats a Risk 2 Reward Ratio of 1:3.9
I don't have a clear sell target yet as i want to see how the market reacts and what it gives us.
As the trade unfolds i will update accordingly.
Happy and safe trading guys
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