FX:GBPUSD   British Pound/U.S. Dollar
197 13 6
HIGH RSI
REJECTION OF 1.5900.
@ 161.8%
PATTERN COMPLETION

NOTE THIS IS A GOOD COUNTER TREND TRADE WITH LESS THAN 80 PIPS SL. MORE THAN 200 PIPS POTENTIAL PROFIT.
H4
snapshot

UPDATE : TREND STILL DOWN. LOOK TO TAKE PROFIT @ 1.5520
snapshot
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Interesting chart setup, why do you think of a possible rejection around 1,5900's?
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Pattern completion @ 161.8%.
Previous resistance level 1.5900 - 1.5950.
I have another sell order @ 1.6000 pysch number if it comes to that.
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gytn25 PriceActionTrading
Can I ask how the pattern is called? I don't seem to recognize it!
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I do not know the name too. Just 161.8%. Always a good fib to initiate trades on.
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Look possible. Thanks mate
+1 Reply
Thanks andyle
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looks about wright, but I would wait for a double top oh h1 with a bearish divergence at least for entry. and the target for each entry should be at the base of each structure for lower risk.
thank's for the idea
+1 Reply
Yes you are right. There is divergence on the D1 if you are trading the dailys. All the best.
Reply
gytn25 ValeriuV
We're now at a db, with divergence
Reply
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