Forex Update: Jumping on GBP/USD’s Uptrend

I’m letting this setup go for now so I can have a fresh start in Q2 2014.

GBP/USD Daily Forex Chart

GBP/USD Daily Forex Chart

Last week I was looking at Cable’s bounce from a long-term rising trend line and the 100 SMA area. I pointed out a triple white soldier near Fib support levels. I had also planned on using the U.K. retail sales report as catalyst for an entry.

Well, the retail sales report did print higher than market estimates. Unfortunately, it didn’t do much for the pound with Cable even slipping to the 1.6550 area before popping higher a couple of trading sessions later.

I decided not to pursue the setup because the reward-to-risk ratio wasn’t attractive anymore unless I was sure (and I wasn’t) that Cable would make new 2014 highs. Besides, it was already near the end of the week, month, and trading quarter. I hope some of you were able to take advantage of the setup though!

Right now I’m looking for more setups that provide good R:R. Got any ideas? Fingers crossed that I don’t miss any more good moves this week! 🙂

XOXO,

Huck

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  • banmai

    Do u think gbp is going on d wave of abcd.

    • Hucklekiwi Pip

      Hi! I don’t trade Harmonic patterns so I’m really not the best person to ask. It kinda looks like it is though. 🙂