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Weekly forecast British Pound / Singapore Dollar technical chart
Symbol GBPSGD

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Trade Setup
#GBPSGD
Total Profit: 1708 pip
Closed trade(s): 976 pip Profit
Open trade(s): 732 pip Profit

Trade Setup:
We opened 6 BUY trade(s) @ 1.7571 based on 'Valley' entry method at 2020.07.20.

Closed Profit:
TP1 @ 1.7605 touched at 2020.07.21 with 34 pip Profit.
TP2 @ 1.7720 touched at 2020.07.27 with 149 pip Profit.
TP3 @ 1.7855 touched at 2020.07.29 with 284 pip Profit.
TP4 @ 1.8080 touched at 2020.08.19 with 509 pip Profit.
34 + 149 + 284 + 509 = 976 pip

Open Profit:
Profit for one trade is 1.7937(current price) - 1.7571(open price) = 366 pip
2 trade(s) still open, therefore total profit for open trade(s) is 366 x 2 = 732 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 1.77200 is broken, we will close open trades.

DateAugust 22, 2020 - 19:50
Currentuptrend
Forecastcontinuation of uptrend

Midterm forecast:

  • 1.77200 is a major support, while this level is not broken, the Midterm wave will be uptrend.
  • We will close our open trades, if the Midterm level 1.77200 is broken.

Technical analysis:

  • While the RSI support #1 at 50 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 1.7387 on 07/17/2020, so more gains to resistance(s) 1.8080, 1.8275, 1.8505 and more heights is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 56.

Take Profits:

  1. 1.7605
  2. 1.7720
  3. 1.7855
  4. 1.8080
  5. 1.8275
Click on the level to view price action history.