GBPUSD 1H Buy Setup after Retracement
Buy opportunity as GBPUSD on the 1 Hour has swept liquidity and had a bullish break of structure. Expecting a retracement to fill the open imbalance below which has confluence with the last consolidation zone, deep fibonacci retracement, and the lower trend line in a bullish channel. Buy at the end of this hourly retracement.
Keep in mind that the daily chart is overall bearish, but currently retracing, so the 4 Hour is currently bullish. We will soon approach the end of the retracement and price will either return to its bearish impulse on the daily or continue for a bullish reversal. That makes this a short term trade setup.
Entry: 1.3491
Stop Loss: 1.3481 (10 pips)
Take Profit 1: 1.3517 (26 pips @ 2.6 RR)
Take Profit 2: 1.3544 (53 pips @ 5.3 RR)
Take Profit 3: 1.3580 (89 pips @ 8.9 RR)
Keep in mind that the daily chart is overall bearish, but currently retracing, so the 4 Hour is currently bullish. We will soon approach the end of the retracement and price will either return to its bearish impulse on the daily or continue for a bullish reversal. That makes this a short term trade setup.
Entry: 1.3491
Stop Loss: 1.3481 (10 pips)
Take Profit 1: 1.3517 (26 pips @ 2.6 RR)
Take Profit 2: 1.3544 (53 pips @ 5.3 RR)
Take Profit 3: 1.3580 (89 pips @ 8.9 RR)
Inventor of The FiReZ Trading Strategy.
The Charts Are My Art.
The Charts Are My Art.