Excellent Risk/Reward

FX:GBPUSD   British Pound/U.S. Dollar
113 3 4
Just went long on Gbp/Usd             . A couple days ago i put out an idea about a "Bull Setup" on this pair. Today i got what i needed to get long. Very deep retracement back down into support. RSI went oversold and at the close of the 5am (pdt) i got a break above close above candle. So entered long at market.
Hi tommy, I saw your first idea, I guess it's a good entry. but why targeting retracement levels if you believe its an impulse? should you be looking for HH
NidalDarawsheh NidalDarawsheh
tommyb35 NidalDarawsheh
I was looking for just a retest of the previous highs. If I got a HH then I would continue that trend continuation trading all the way up. I was not looking for a full reversal I was looking to grab a couple hundred pips at the very most. I don't trade off of the daily TF, I use it to form my opinion on the overall market. I trade both trend and counter trend on the 1hr, so I use the daily and 4hr to let me know how much I should be shooting for and in what direction. Thank you very much for the comment.
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out