A great Long trade in GBPUSD to report this week which netted 90 pips! As usual this was shared in the SentiFX chat room under trade ideas - current members check it out, else if you're not a member, you know what to do.
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Ok, onto the trade analysis and outcome. On the 17th (per below screenshot) I shared with the SentiFX Slack Chat group a chart giving my long entry conditions for Cable. The trade was based on a horizontal (Liquidity Gap - LG) Zone and trendline/wedge pattern forming on the 1hr chart. Add to this the fact that the SentiFX retail positioning tool was returning a high value of 77% retail short, this was the trade to take. Anything over 75% is deemed a strong buy/sell on the sentiment tool.
The trade was exited the following day after a big rally into the prev highs. There was a small LG at these highs that I chose to use as the target. I will always try to aim for previous structure highs/LGs for my take profits. 90 pips in the bag for that trade, again showing that taking the other side of the retail players works.
Thanks for reading. I will be posting a couple more trade examples from this week that worked and that I also shared with the Slack Chat Group. Watch this space, or if you're smart, sign up for the newsletter below to get notified about new posts.