GBP HAS MADE AN IMPULSIVE NVT MOVE OFF OF THE LOW, FINDING RESISTANCE AT THE DAILY LEVEL 1.6605. THE CORRECTIVE STRUCTURE IS CLEAN AND HORIZONTAL GOING INTO THE END OF WEEK. IM ANTICIPATING A CORRECTIVE BREAK DOWN INTO A LOWER RRL. I'VE CHOSEN THIS ENTRY LEVEL BASED ON 1H PREBO STRUCTURE THAT FORMED @ 1.6297. THAT BO HAS NOT BEEN RETESTED YET. CONFLUENCE OF A .382 PULLBACK. ANTICIPATING A SHALLOW PULLBACK BASED ON THE CLEAN HORIZONTAL STRUCTURE THAT HAS FORMED. TARGETING THE CORRECTIVE STRUCTURE HIGHS OF 1.6627. IT MAY STRUGGLE TO BO AT THE LEVEL AS IT IS A WEEKLY LSZ AND COUNT TO THE LONG TERM TREND.
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TEST
Trade active
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Strong impulsive move off of the level after entry. Excellent PA. Looking for confirmation signal with 1h pin bar / 4h 3p before covering risk. Looking for an impulsive attack that takes the high @ 1.655 to feel confident in holding this for another bullish swing into the highs of 1.665.
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Timing with USDCAD running into a strong support level at the same time as GBP in an oversold state and corrective supported timing for this level to reverse LTF.
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PA continues to confirm trade idea. Price has reached 1.655 making a new swing high on the daily chart. Holding for original planned target.
Trade closed: stop reached
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Ouch. Walked away with this one with 1R and a lesson learned. Should have used the %70 rule and taken profit early going into BOE meeting.