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.

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