GBPUSD 1 H ABCD Long Trade

I am waiting for this pair to continue down to the previous resistance level that is currently a support level. Then it will probably bounce long for leg D. I am using a 361.8 % fib level for my final TP level for now. I will be trading this pair on the 30 m chart looking for short pull backs. Then I will draw a descending trend line and trade a Break-Hook-Go as price breaks long that trend line. Macd and AO shows possible continuation long. We have many different strategies to learn on our blog and we are constantly coming out with new strategies for traders to learn every week. Visit us below on the website, Twitter or Facebook.

Comment:

Pair consolidated at the 1.3050 level on the 30 m chart. The break-hook-go was painted on a 15 m chart. My entry long was @1.3061. I took 1/2 of my position @ 1.3095. Getting to the TP of 1.3335 may take all week. So I will take 1/2 of my positions at the 50 & 100 levels. I will re-enter when I have a 30m pull back, draw a descending trend line and re-enter again when price "breaks-hooks-go.