This pair has finally found some support and is now trying to take advantage of USD weakness to rise.We have been rejected a few times as you can see from previous price structure and wicks. In order to get long I want to see that level broken which is where I've placed my entry. For this one I will probably set it up as a buy stop, my reason being if we can actually break that resistance and wicks, we may move quickly. I have a hard time imagining that the Pound will go on too big of a streak due to the uncertainty still shrouding the Brexit and prime minster situation in Britain. With that in mind I set a longer term target that I think is more attainable, but in the end, the market will be my guide and I will continue to hold at least part of my position open if the case it continues to form higher highs and higher lows. I have also drawn out several partial take profit levels to aim for along the way. If this setup fails to hit my trigger line or break through resistance, this setup may become invalidated.
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This trade entered profit but took my stop loss out at breakeven as it got rejected