When looking at the 4H GBP/USD, as the week gets kicked off look for the 01:00:00 candle to close bullish, as that would be the third requirement for a Morning Star set-up (look it up if you're not sure what I'm talking about), it is that verification that we need in order for the pullback to be valid. But that is all that it is, a pullback, and from the looks of proximity resistance levels, the 38.2% fibo retracement at 1.24182 coincides as a recent support level turned resistance. At that point you may wish to enter a short position with a SL above the 61.8% level. Another option is to scale in; enter half of a short position at the 38.2% level and the second half between the 50 and 61.8% levels IF and ONLY IF your personal analysis shows it pulling back beyond the 38.2. Regardless of your entry, long for a bearish expansion to the 1.22630 area, the next major support area.
Let's start the week off right and collect us some pips! And don't forget to take a look at my recent ideas, which have played out in a favorabe direction. And ultimately if you believe in my analyses, give me a follow and get notified of my future ideas.
Let's start the week off right and collect us some pips! And don't forget to take a look at my recent ideas, which have played out in a favorabe direction. And ultimately if you believe in my analyses, give me a follow and get notified of my future ideas.
Comment:
The pullback has reached the 38.2% fibo level, now we must watch to see if thatsthe highest level it will reach before it heads on a bearish trend, or if it will climb to the 50 or at most 61.8% levels before the bearish tear