Hey, friends! Earlier this week I jumped in on GBP/USD’s uptrend after it broke above 1.4000. Oh, and I’ve already adjusted my stops ahead of the weekend!
As mentioned last week, I was looking to buy Cable (again) when I saw that the pair was in a short-term uptrend. This looked like a pretty good deal to me since I’m still bullish on the pound and bearish on the dollar.
I also shared that the 1.4000 psychological handle was what kept me from buying GBP/USD at the time. Well, it finally broke above the level this week!
I was watching the pair closely, so I was able to enter 0.50% of my account at 1.4015. The bulls encountered resistance around the top weekly ATR, though, before it eventually found support around last week’s highs.
Fast forward to today and the combination of the FOMC’s not-as-hawkish-as-expected statement and Trump’s tariff plans on China’s exports have only made GBP/USD stronger.
I’ve decided to move my stop up to 1.4075 just to lock in some gains ahead of the weekend. I might even add to my position if the trend continues to be my friend over the next couple of days.
What do you think? Take profits now, or wait for more entry opportunities?
Your two cents are most welcome!
See also:
My Q4 2017 Forex Trade Review and Reflections
Latest version of the HLHB Trend-Catcher System
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