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Phil_Son
May 14, 2018 1:13 AM

GBPUS Daily potential bear 2618 Short

British Pound/U.S. DollarFXCM

Description

Market, after that long drop, has shown an oversold condition on the RSI. If it decides to rally up, there might be a potential selling opportunity using the 2618 strategy. The 618 Fibonacci retracement lines up right some structure levels, so it might be a great area for entry. Stop loss will be above the previous top, using the ATR, and target would be a retest of the lower structure. Risk reward is a little over 1:1, so not a bad opportunity for swing traders trading the 2618.
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