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
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