FX:GBPUSD British Pound/U.S. Dollar
Last week i put out an idea of how i thought the gbp/usd would be a "buy." This week i thought i would stay with this pair and give an example of how i plan ahead on my trades. The blue bar pattern is what i predict the market to do this week. If price rallies up to the 1.46685 level, i will be looking to go short on a fib inversion trade at the 1.618 ext. If that trade plays itself out like i have the purple bar pattern, i will then look to go long on a trend continuation trade around the .618 fib retracement. This will complete the you see with the white arrows. If price then rallies from the .618 retracement and makes a new structure high like the bar pattern in green, i will look to short the market around the 1.5000 level on another fib inversion trade. This will be a bigger move, marked by the pink arrows. Now all of this could change in a day or two, but i know what i am going to do, if my prediction comes true. If it doesnt come true, i will then just form a new one and start over. But this is definitely something to look out for over the next coming weeks.