Alex91fx

Good Reason not to chase cable

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD Broke the H1 level market structure to the downside. I then entered a limit order at the last naked lows 36.97. Price bounced a few pips before then collapsed. This left a very bearish candle resting right on the 4H trendline. If I chased, the RR would have been diminished. Notice the 0300 candle came in to sweep those last remaining pips up before reversing. 4H has printed a bullish engulfing. Look for a short on a retest of 1.3657 if it fails. Reclaim of 1.37 will likely see us take out the liquidity at 1.3760

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