Master the IBWT pattern

Want

Get it now (risk-free)

8 patterns that make up 98% of my PA income

Get it now (risk-free)

Learn the Scalping Secrets

Get it now (risk-free)

Read on Mobile Enter Reading Mode

GBPUSD Trading Setup

Posted on Feb 13th, 2017

by colibritrader

GBPUSD Trading Setup

Dear traders,

The trade from last time did not go according to my plan. As the lyrics of one of Kenny Rogers’ songs goes:”You’ve got to know when to hold ’em. Know when to fold ’em. Know when…” It is sometimes better to cover your losses as fast as you can. I was not able to do that with my last trade. I was away on a short holiday and the trade went against me. Anyways, I had my stops in place and everything went according to plan (even if a losing trade).

GBPUSD Trading Setup

The trading setup that I am seeing today is coming from GBPUSD. The pair did spend some time on the support level of 1.2400. There was a big bearish rejection candle that formed a few trading sessions ago. The daily candle from today is a bullish engulfing. I will be looking to go long at around 1.2510. My stop-loss will be placed at 1.2410. My take profit level will be placed at 1.2700.

Happy Trading,

Colibri Trader

p.s.

If you have not read my recent article on Stochastic, you can do that HERE.

Leave a Reply Cancel reply

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Colibri Trader Ltd, its employees, directors or fellow members. Futures, FOREX, CFDs, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures, FOREX and CFDs markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.