Potential Buy Limit at OB 1.38226
Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
GBPUSD had been making impulsive moves to the upside but as we see, the pair had to drop for a retracement to the 61.8% Fibonacci level (1.38226). Fundamentals indicate a strong pound and a continually battered dollar.
As the daily uptrend looks forthcoming, I’m looking at long opportunities
Entry rule: 4H chart should confirm that the bearish retrace had turned bullish with MACD above zero and the price going over the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI rising above the 50 signal line
Potential Entry
I take entries at Institutional Order blocks (billions of dollars worth of orders made by hedge funds, big banks and heavy industries.). Two order blocks made within the last days are at:
1.138941
1.38226
A buy limit at these Order Blocks will drive draw down to nil as soon as liquidity is captured by the markets on these price levels
Potential profit target at the latest daily high or in extension, the -27.2% Fibo
Trade short with confidence: COT reports confirm the direction
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
GBPUSD had been making impulsive moves to the upside but as we see, the pair had to drop for a retracement to the 61.8% Fibonacci level (1.38226). Fundamentals indicate a strong pound and a continually battered dollar.
As the daily uptrend looks forthcoming, I’m looking at long opportunities
Entry rule: 4H chart should confirm that the bearish retrace had turned bullish with MACD above zero and the price going over the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI rising above the 50 signal line
Potential Entry
I take entries at Institutional Order blocks (billions of dollars worth of orders made by hedge funds, big banks and heavy industries.). Two order blocks made within the last days are at:
1.138941
1.38226
A buy limit at these Order Blocks will drive draw down to nil as soon as liquidity is captured by the markets on these price levels
Potential profit target at the latest daily high or in extension, the -27.2% Fibo
Trade short with confidence: COT reports confirm the direction