Description
⋅ Traders:
As chart shows, there is a really long time sideway movement for GBPUSD over FEB.
Seems like last Friday is the end of corrective box movement which helps us to see a clear descending channel here.
Since the channel is so wide, there will be a lot of scalp opportunities inside.
Now any retracement could be a good entry to short GP.
So far, the plan for short entry like this:
EN:1.247
SL:1.257
TP1:1.225
TP2:1.22
TP3:1.213
More accurate for the short trade pls check 15m chart for details later update below.
Less is more!
Trade active
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⋅ 1.247
Comment
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⋅ 35 pips
Trade closed manually
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⋅ 1.24388
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⋅ 26.1 pips.
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⋅ GU can alwasy suprise us with at least 50 pips .
This time, GU refuse to drop down deeper.
Therefore, we follow it to stop the short trade with 26.1 pips in pocket.
and open a long trade wishing to touch fibo 1.618 1.253
Comment
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⋅ the priciple of channel strategy is always follow the last one.
Trade active
⋅ 1.242
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⋅ tgt1 1.25 for now
tgt2 1.256 tomorrow.
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⋅ we are in the sun-wave 2 , predicting b as the end of the corrective sun-wave 2.
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⋅ we are getting close to the final target.
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⋅ the final way of movement.
and prepare to close.
Trade closed: target reached
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⋅ move exactly the way we expect .