GBPUSD ABC Bullish Correction Long

British Pound/U.S. DollarFXCM

Description

⋅ Apr 6, 2016 10:50 AM

1.4070 is the 1.61 projection of the 4th wave. Price diverging with RSI and Stochastic RSI. With that in mind

Buy 1.4090
TP 1.4290 (6.2:1 risk:reward)

In reversal 3x shorts below 1.4080 for break even
Scope for extension below 1.4020

Trade closed manually

⋅ Apr 7, 2016 12:04 PM

Buy at 1.4090 closed at 1.4020 (minus 70 pips)

3x sell at 1.4045 closed at 1.4020 (+75 pips)

Net +5 pips