Update GBPUSD: 4H Long Signal - 24-01-20 Long Set-up 4H A.2

20. Jan.

Update
GBPUSD: 4H Long Signal - 24-01-20
Long Set-up 4H A.2

Entry Price: 1.26650
Take Profit: 1.27250 60 pips
Stop Loss: 1.26350 30 pips
Risk to Reward: 1:2

Trade Notes:

-I didn't place swing trade due to being stuck at work
(Improvements- Set Email Alert so I can quickly analysis current Market Conditions to place trade)

1.
Trade Entry: Risk Entry (Pending Order with previous price entries)
-Current Max Downdraw: 4 pips then impulsed upward with 2 momentum 4h candles
- Using 15m Market Structure would be a locked in 0.42% take profit stop loss going into monday session
- I would likely drop that level to 0.2% take profit stop loss - to give the trade a bit of breathing room for sunday opening session

2.
Trade Entry Management: Confirmation Entry On Lower Time Frame

Entry Price: 1.26694
Potential Take Profit : 1.27114 / 3.5% gain for 1% risk
Stop Loss: 1.26574 / 12 pips from entry

Trend Following Risk Management Strategy:
Take Profit Following Market Structure:
Take Profit Stop Loss Price: 1.26776
(Locked In percentage gain 0.68% )

3. Scale In Trade Price Levels:
Since all risk is off the table I will scale into the trade... Let the winners ride and let the losers go

Potential Trade ideas:
(Using Lower time Frame Confirmation Entry Model)

Steps
1. I would wait to see how the market reacts to opening hours
2. I would look at fundamental upcoming news (helps with directional bias of the trade)
3. If those two items match up with the trade concept then I would place trade

Entry Price: 1.26920
Take Profit: 1.27160 / 2% gain / 24 PIPS
Stop Loss: 1.26800 / 1% risk / 12 PIPS

If you got this fair then thank you for your time and support. If you want any more info or asset classes analysis please let me know. Safe trading and remember always use a stop loss and proper risk structure.