TRADE IDEA
GBP/USD has formed a double bottom, broke, and retested the resistance level at 4hr and 1hr. With this confluence I'm looking for buy set-ups on M15 timeframe for scalping. As you can see it has broken above the rectangle (where it was trapped for some time). If it fails to thrust the upward move it will go back to the rectangle and the current breakout will be considered as a fakeout. in such a scenario we cut the loss and wait for the next breakout to the downside and continue with a sell.
Apply risk management
GBP/USD has formed a double bottom, broke, and retested the resistance level at 4hr and 1hr. With this confluence I'm looking for buy set-ups on M15 timeframe for scalping. As you can see it has broken above the rectangle (where it was trapped for some time). If it fails to thrust the upward move it will go back to the rectangle and the current breakout will be considered as a fakeout. in such a scenario we cut the loss and wait for the next breakout to the downside and continue with a sell.
Apply risk management
Comment:
UPDATE: The pair is still trapped within the rectangle consolidation. if it breaks and retests on either side, you can plan your bearing or bullish trade respectively. Otherwise, seems like the bears are exhausted and are unable to push further down beyond the current resistance level.