GBPUSD seems to be forming a perfect wyckoff schematic on the 10m timeframe. I will be watching for a spring below the trading range at 1.40992 and on the test of that spring I will be looking to enter. The spring has the potential to go down to 1.40780 to take out any buyers in the market before moving higher.
Comment:
There's been a strong breakout to the up side. Will wait for it to re-test our range and if it holds then take a long position.
Trade active:
Entered after huge volume and small downwards move. SL at 1.41429. If we get stopped then I will wait for spring for re-entry.
Comment:
The 1m timeframe looks to be forming a distribution schematic now after touch the bottom of a trading range from yesterday. I will wait for a up thrust and then look to take a short position. Happy with the 5% return from this up trade and hopefully get equal or higher going down
Comment:
We have crossed above 1.41844 so now I will be looking to see how we react to this level. If we are pushed back below I will enter a short trade.
Trade closed: target reached