Why are we entering? - Expecting GBP strength and USD weakness - In a bigger parallel channel and approaching channel support
What are we waiting for to happen? - Waiting for price to tag the channel support - a break of Risk trendline and/or WFB
What is our confirmation? - a 4H bullish candle at the channel support - WFB confirmation for safe entry - Break of Risk trendline for Risk entry
Entry Safe Entry: Bounce off channel support and then WFB (might be too big of a SL) Risk Entry 1: Bounce off channel support Risk Entry 2: Bounce off channel support and then risk trendline break (This looks to be the best entry method)
Once entered, where will our Stoploss be? - Below the rejected price
Where do we take profits? - First TP: 1.36 - Second TP: 1.375