So GU has been funny over the last few days. So after watching this closely pretty much all morning! it was time to enter. Again, to see the full picture you might need to go on to the daily but for those that have a good understanding of the charts you'll see why i decided to take the trade.
Overall this pair is bearish on the higher time frames and it is obvious to see. We did have the plummet down and then we saw this nice slow retrace back up. So we ran a fib from the daily swing high to the low and as you ca see the 50% level is a good level of interest so instead of diving in i waited. We saw a nice rejection off the 50% fib and then we saw price pull back to the 38.20% I decided to take my trade off this level with stops just above the previous 4hr high.
Again this trade is set to be a low risk high reward with a 11.32% RR. I'll let you do the math on that! but certainly a nice profit if we see the pair run to target. Target for me is the daily support so not quite the full length of the fib like you'd normally see.
Overall this pair is bearish on the higher time frames and it is obvious to see. We did have the plummet down and then we saw this nice slow retrace back up. So we ran a fib from the daily swing high to the low and as you ca see the 50% level is a good level of interest so instead of diving in i waited. We saw a nice rejection off the 50% fib and then we saw price pull back to the 38.20% I decided to take my trade off this level with stops just above the previous 4hr high.
Again this trade is set to be a low risk high reward with a 11.32% RR. I'll let you do the math on that! but certainly a nice profit if we see the pair run to target. Target for me is the daily support so not quite the full length of the fib like you'd normally see.