Good afternoon traders!
If you look at my overall outlook on GBPUSD then you will see that my outlook is bearish and i do expect this pair to move towards the downside. However, my levels before looking at shorts are a bit higher so we have snuck into the 1hr timeframe and found a nice level to trade from.
GBPUSD - higher timframes is making higher highs and higher lows. So that in itself shows price is still on the up currently. Dropping into the 1hr chart we can see we have a nice fib trade, i originally wanted price to come down to the 50% fib for a deeper entry but from watching price fail at the 38.20% it was time to enter with stops still below my original entry plan incase price did push that bit further.
Running this up to the -27.00% which falls just under my idea for where sells look interesting so this was a nice trade to get into.
If you look at my overall outlook on GBPUSD then you will see that my outlook is bearish and i do expect this pair to move towards the downside. However, my levels before looking at shorts are a bit higher so we have snuck into the 1hr timeframe and found a nice level to trade from.
GBPUSD - higher timframes is making higher highs and higher lows. So that in itself shows price is still on the up currently. Dropping into the 1hr chart we can see we have a nice fib trade, i originally wanted price to come down to the 50% fib for a deeper entry but from watching price fail at the 38.20% it was time to enter with stops still below my original entry plan incase price did push that bit further.
Running this up to the -27.00% which falls just under my idea for where sells look interesting so this was a nice trade to get into.