GBPUSD 5-17-07: Trade Entered

Our trade for the currency pair GBPUSD was triggered this morning. Below are the charts. Since we are trading in a smaller timeframe i.e. 8 hours, price will move faster then the daily chart. We aren’t trading in the daily timeframe because price is above a Kumo Cloud and we want to “walk” down through it. Once we have cleared the Kumo cloud on the daily timeframe, we will will trade solely on the daily timeframe until the charts tell us otherwise.
Below is the chart with all the support lines drawn.
gbp_5_17_07__480.png
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About the Author Manesh Patel