GBPUSD
- Currency Pair: GBPUSD
- Position: buy
- Lot Size: 0.1
- Risk/Reward Ratio: 1.00
- Profit/Loss: -\5,259
Entry Rationale, TP and SL Level
4h
1h
15m
Even on the 4-hour chart, a short-term uptrend has formed, and I entered a long position after observing price action when the price reached the lower boundary of the channel.
It became clear that the channel lower boundary was being respected as support, and on the 1-hour chart, I confirmed a long lower wick bullish candle followed by a relatively large bullish candle, which prompted my buy entry.
Looking at currency strength, the dollar was weak while the pound was strong.
My take-profit target is set near the Tokyo session high, which also aligns with the recent high on the 1-hour chart.
My stop-loss is placed just below the low at the time of entry.
Trade Review
The lower boundary of the channel acted as support, and although the price rose once on the release of economic data, it completely retraced afterward, losing clear direction.
I ended up holding the position until the next day to see how it would develop, but it hit the stop-loss.
Since I entered knowing it was in a potential top zone, it couldn’t be helped.
