GBPUSD: Monday Setup

FX:GBPUSD   British Pound / U.S. Dollar
Hello Traders!
Today we have a very nice long setup on FX:GBPUSD It is a pure structure based buy opportunity. So I am waiting the price to go @1.5484 and retest the structure support and then go long all the way up until the next structure. Here we have very nice fibs condluence: 1. 38.2 right at the structure level; 2. 61.8 little below from structure. So this zone will be the reversal zone where price might reverse and rally up. As we see we have a very nice R/R as well.
Green Luck
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Uow, a lot down... Buy?
RCP LuisAmboni
we might see the price to hit the 1.5470 and then come down. But we are still in a bullish market, price could not break the support.
good chart. I think you could play that short for the next 4-8 hours and get 50 pips or more out of it, then get back in at your desired bullish level. Good chart though.
+1 Reply
Thanks! You are right, but the best way to get involved in short opportunity is, wait the price to break the flag.
Are you referring to the level, 1.55306 on your chart?
Check this out: I see this level very nice for shorting
alright I'll take that into consideration. Normally I wait till the 3amEST. (1st hour of open) candle closes. Then I set a buy limit order 10 pips above the high and a sell 5 pips below the low, normally if one gets hit that the market sentiment and I'll get 50+ pips 4/6 trades on average. But, I'm trying to learn how to recognize the trend earlier, those extra 10 pips are a lot of money. Thanks for the input looking forward to todays trade.
+1 Reply
Yes you are absolutely right. One of the most important thing is to have your own edge, improve it time by time, and follow it every-time and everyday. Of course, every pip counts here.
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