empty
 
 
01.10.2020 09:49 AM
Trading idea for the GBP/USD pair

This image is no longer relevant

Following the strategy presented yesterday , the GBP / USD pair has successfully reached the first target level, which is 1.29300.

Plan:

This image is no longer relevant

Development:

This image is no longer relevant

However, the main target is the weekly stop of sellers, which is just slightly higher, around the round level of 1.3.

So, the next step that you should do now is:

  1. If you have long positions set from 1.28, discard 50% of the position on the first target, and then keep 30% to the second (1.3) and 20% to the third (1.35).
  2. If you want to short sell the GBP/USD pair, do not do it before a false breakout from 1.3.
  3. If you do not have any transaction, open long positions after a pullback, and then set your take-profit level or target price at 1.3.

These follow the classic and trusted Price Action and Stop Hunting strategies.

Of course, controlling the risk is also necessary to avoid reducing or losing profit. Trading in this financial market is very precarious, but also very profitable as long as we use the right approach.

Best of luck!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback