Price has retraced and is now above the 60 and 15 KS as well as the cloud. I think the retracement will continue. This is a Type 1 trade with a High probability and good RRR.
Entry = 1.7730 Stop = 1.7710 Risk = 20 pips Profit target = 1.7802 The 60 min Senkou A Reward = 72 Pips RRR = 3.6 -1
** Please note the UK CPI will be released at 4:30 am est. and will directly effect this trade.
I would appreciate if you leave a comment or like as a thank you Have a great week ! Allen
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GBP pairs wakened at the European open and although I am not canceling this trade yet. Considering price action and the fact that the UK CPI will be release in about 2 hours. I will before the London open in 30 minutes.
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This trade is now 50 pips away from our entry of 1.7730, which was not reached and probably will not till after the UK CPI so I am canceling the trade at this time.
I think it was a good call to cancel the trade as the price never got to 1.7730 and CPI data came out low so GBP is pushed down and it is currently (9:35 GMT) ranging from 1.7667 (UK open low) and Asian session high. I'm staying away from this until it shows clear direction :)
Thanks Allan, what you post helps me do my own analysis.
@lpadgett9165, took the trade? it wasn't triggered...
Jameeln
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Hi allen
Price is below the 60 cloud.
can you clarify pls.
AGold54
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@Jameeln, yeah, my bad, a little confusing it is above the 15 min cloud, not the 60. Moreover only a breakout buy trade would have price above both the 60 and 15 KS, that is why there is no pullback trade.
Thanks Allan, what you post helps me do my own analysis.