this time you see a weekly chart side by side with a 4hr chart. I don't usually use the weekly chart but in this case i want to emphasize why am i looking to buy this up: the higher high higher close beyond previous structure is a very strong sign of the strength of the pound right now against the dollar. Therefore, as soon as i get the opportunity, i will consider to buy the sterlin. And here's the chance on the 4hr chart, a reversal candlestick pattern formed by a pinbar+ engulfing candle AT previous daily and weekly structure. All this add togheter and creates the condition for me to take this trade. With a little retracement, i'll buy with stops below the lows and targets as shown: if we see new highs we could go all the way up to 1,38!
If you want to share your ideas/questions, feel free to comment below. Otherwise, see you in the next chart!
P.S. Please note this is not an investment advice: this is only the result of my analysis. Be safe!
I completely support your trading approach to keep it simple.
In the past few months however it seems to me as no trading strategy is really working. I don't know what thw reason may be, but there are many a lot of wrong and misleading signals. No matter what strategy you use.
In the past few months however it seems to me as no trading strategy is really working. I don't know what thw reason may be, but there are many a lot of wrong and misleading signals. No matter what strategy you use.