A Bear Trap Is About To Trigger A Buy Setup In GBPUSD Long

British Pound/U.S. DollarFXCM

Description

⋅ Jun 28, 2015 9:57 PM

We had a gap down and a reversal that give way to a high probability long setup.
Risk reward is more than 1on1 and the setup's probability is gonna compensate for the its low amount.

gap

Comments

IvanLabrie

⋅ Jun 28, 2015 10:24 PM

Good one, I'd rather wait for the top to short it here, then buy a larger correction.

DavoodWadi

⋅ Jun 28, 2015 10:37 PM

I always remember you for being conservative

IvanLabrie

⋅ Jun 28, 2015 10:38 PM

I can't sit and watch what London traders do, so I only play very safe bet daily setups, or intraday trades during NY.

Check out usdjpy for a buy btw, I think this is an abc down, almost done.

DavoodWadi

⋅ Jun 28, 2015 10:41 PM

Good catch.
I guess everything is reversing this week, filling the gaps.

IvanLabrie

⋅ Jun 28, 2015 10:41 PM

GBPJPY, expanded flat C down?

DavoodWadi

⋅ Jun 28, 2015 10:47 PM

If so we'd be having a really big C wave, exceeding 2.618 projection of A.
Nevertheless a bullish Island Reversal is shaping.

IvanLabrie

⋅ Jun 28, 2015 10:49 PM

IvanLabrie

⋅ Jun 28, 2015 10:50 PM

I think it's worth it to buy in, the Nikkei hasn't topped yet.

DavoodWadi

⋅ Jun 28, 2015 10:51 PM

Good Luck Ivan,
I'd personally go to lower time-frames for entry trigger.