The previous highs happens to be a 0.382 retracement level coming in at a very psychological level (1.30$)
With this set-up you will simply be trading in the direction of the short term trend and never again will you have to pick a high or low.
So why sell this market?
Not expecting 1.30 sellers to give up the highs. Protective stops are placed at 1.301, 3 pips above the previous highs.
Good luck to everyone trading GBP/USD!!
With this set-up you will simply be trading in the direction of the short term trend and never again will you have to pick a high or low.
So why sell this market?
- A dip down to the 1.50 extension illustrates a bearish trending market
- Pullback up to 0.618-0.786 area
- Bearish hidden divergences
Not expecting 1.30 sellers to give up the highs. Protective stops are placed at 1.301, 3 pips above the previous highs.
Good luck to everyone trading GBP/USD!!
Comment:
You dont really need any oscillator or indicator to be confirming these kind of set-ups, but it sure looks good when you add them onto it as illustrated here ( and on most of my charts )
Related Ideas
GBPUSD: 1D
MikulovicFOREX
about GBPUSD