GBPUSD is making it's way down to a key decision point level. I call this level a decision point because how I decide to trade this will be determined on what type of decision is made by price action at this level.
If you've been following myself or anybody at Trade Empowered, then you've heard us mention the "If/Then" thought process. Here's a perfect example of how/when it comes into play.
"IF" price action holds at that level "THEN" I'll be looking for a long opportunity. "IF" price action creates a Lower Low, Lower Close ( NSH ) "THEN" I will shift my mindset & look for a trend continuation type of trade to the side.
We'll be keeping a close eye on this pair in the Live Trading Room today, and some pairs with similar setups will be the EURJPY and USDCAD .
**KEEP NOTE*** We do have FOMC Minutes being released this afternoon at 2pm New York time.
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Nice chart, really helped kick start my analysis.
I just entered LONG off the Double Bottom with a CTS score of 5. If I may, can I ask when you consider the RSI divergence to be valid? I'm really struggling to quantify it and create a rule that says - 10 or 5 points makes it valid.
As always, happy trading, and thanks for all you do for us learners:)