FaultyKid
Long

Price frequency pullbacks and targets using fibs and median line

FX:GBPUSD   British Pound/U.S. Dollar
51 5 2
Simple buy entry, on .382 fib retracment, target a fib extension and median line . Tight stop, great risk reward ratio.
Buying against crowd sentiment.
Pretty confident.

** trade at own risk.
ForceFollower
2 years ago
The bullish candle gives a lot confidence in a potential follow-through. However, the magnet (median line) has served its purpose, so now it may act as a rejective force. As you have marked on the chart, price has found resistance at the prior high - that's another barrier... That's why I'm waiting on the sidelines. Let's see how it develops though.
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FaultyKid ForceFollower
2 years ago
Could I call this market structure support? from a previous valley.
snapshot
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ForceFollower FaultyKid
2 years ago
Well, I don't know what that marked area should mean. :) What I know though is that the high of the 20th May along with the high of the 14th May have provided now a switchback support.
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ForceFollower
2 years ago
It looks like the up trend is resuming. Are you still in?
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FaultyKid ForceFollower
2 years ago
Got stopped out, got in too early, with out a good stop. Need to patient like this pro I know! ha ha
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