joshdonoghoe
Short

A NICE PLAY TO GET IN ON USD LONGTERM STENGTH

FX_IDC:GBPUSD   British Pound / U.S. Dollar
After experiencing such a big selloff and the break of many key 'lines in the sand', (this could be a key trendline , key support/resistance line, 50ema etc.) the next thing you should be asking yourself is, where can I get in on this newly forming trend at the best value? It is never wise to 'jump on a moving train' and put a short order on at the bottom of the run because you have a fear of missing out on profit. It is always better to let the market 'come to you' in the form of a pullback to a lower high (bear market) /higher low (in a bull market) before considering putting a trade on. In this case a nice area to get back in on the USD strength would be the re-test of the backside of the trendline , 0.382 Fib, the line around 1.375 and the daily 50ema. These have proven to be respected in the past and as you know, 'what was once support, becomes new resistance'.

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