J_Graystone
Long

GBPUSD Counter Trend/Reversal Trade

FX:GBPUSD   British Pound/U.S. Dollar
606 2 11
After a long bearish plunge, market has now put in this double bottom with a nice low test candle on the initial test. The body closed in the top third of the candle which is a good sign of some potential bullish protection.

Then we saw a second test testing the lows but holding.

This would have been an opportunity for a counter trend move.

More conservative traders may have waited for a break and close above the retracement and a pull back into the 618 for a 2618 trade set up. The initial wick would mean that stops would be an issue if you are only shooting for a retest of the recent highs.

If you trade advanced patterns, there is a cypher formation at market @ 1.2912 so this could be your reason for entry into a long position.

Either way, good luck in the markets and ill see you in the live room tomorrow!

Nice work mate. ;)
+1 Reply
Thanks!
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