Watching GBP today to see if it can build a base for an upside move. I'm not convinced currently but price action is starting to develop. I'll be watching the pivot levels around 1.232 to see if we can make a nice break higher.
We took a similar trade last week on GOLD which worked out nicely, but remember: There's no need to try and nail the bottom! It's better to wait for price action to develop and show a clear move off the lows, using them as a safe place for the stop loss. Entering now could result in a loss due to a stop hunt, even 1 ATR below current lows in still in risk range.
Check out our site for access to our Pivot Point trading tool!
We took a similar trade last week on GOLD which worked out nicely, but remember: There's no need to try and nail the bottom! It's better to wait for price action to develop and show a clear move off the lows, using them as a safe place for the stop loss. Entering now could result in a loss due to a stop hunt, even 1 ATR below current lows in still in risk range.
Check out our site for access to our Pivot Point trading tool!
Pivot Reference: 8
Pivot Lines: 3
Line Length: 400