Short Term Longs on the Pound

Last week there were two decent short term trades taken on some pound pairs. Both returned a nice risk/reward and I'll detail them below:

GU - Long

Over the past few weeks I've been talking about longs on GU and in the members area we've been looking at the levels to trade from both for short and long term setups. Last week one of the levels was hit and price reversed whilst giving us a nice entry signal. Key things were how price left the level, how it arrived, and the engulf for entry. There was also the higher time frame picture which added confluence.

Before:

2015-03-29 GU Long H1 v02

After:

2015-04-01 GU Long H1

Entry:

There were two different opportunities to enter and either one was viable.

2015-03-31 GU Long M5 v01 2015-03-31 GU Long M5 v02

 

GC - Long

The initial GBPCAD level I had marked up was engulfed and price didn't arrive as per the plan so there was no entry. Price did however drop into a level below which offered a better setup so I took that one instead. If you remember in last week's post, I indicated potential longs on this pair and here was the chance.

M30

2015-04-03 GC Long M30

2015-04-03 GC Long M5

These are the types of trades I look for on a short term basis. If you would like access to the premium content where these setups are shared then you can register for more info below.

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