RCP
Long

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.
Avto_T
Green Luck
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Uow, a lot down... Buy?
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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.
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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
RCP JonnyLA
Thanks! You are right, but the best way to get involved in short opportunity is, wait the price to break the flag.
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Are you referring to the level, 1.55306 on your chart?
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RCP JonnyLA
Check this out: I see this level very nice for shorting
snapshot
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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
RCP JonnyLA
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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Something goes wrong here, you can click above in chart description
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