Hi everyone, this is would be my last analysis post in a while. I am grateful for all your support and likes. I have a bit on my plate entering May, so I may not be doing a public analysis for a while. So I decided to do one last one. As you know, today is the last day of April, the last day in the first quarter of the year, and I understand the unofficial end of tax season (USD). Recent analysis of GBPUSD did not work, and then I remembered we were at the end of the month. Taking a broad look on the Monthly TF showed us why price has been moving the way it did!
This is my trade plan for may, 2020, with GBPUSD. Price has shown a rejection of 1.21543, effectively confirming a double bottom. We are on a 2nd lvl retracement on the monthly, with a projection to retrace to 38.5%fib. Price has alreadly made a rejection of the previous support of lvl 1 (1.43149), meaning this is the 2nd leg of rejection confirming lvl 2. My plan is to buy above the wick of the end of today's candle. My TP will be at 1.40998 (1400pips). **And if price falls a bit lower to form a range, I will buy from the wick of the breakout candle.
Looking forward to a successful trade.
**Please like and drop your comments. I will respond to them as soon as i can. Thanks
@Amirkhan786, this is my plan for may. Not immediately. So I set a buystop above the wick of yesterday's candle. That would let me know the plan has started unfolding.