GBPUSD - very much based a little like EURUSD. I've drawn a bit on the chart to help newcomers maybe understand the idea a bit better. So the black line I have drawn up and down very much like price action is just me showing how price was making new higher highs and higher lows and price was moving up nicely.
We then come to a hurdle and price failed to make a new higher high and started to turn bearish. We then saw we were getting new lower lows and new lower highs meaning price was favouring the bears. We have now seen price break this structure zone, come back to retest and also continue dropping. I've got in a little later than I would have normally wanted but for me the trade still stands and I've just had to go in with a bit of a wider SL. Never the less though we are still on for a near 3% RR if all goes to plan.
Final TP targeting the lows just above my structure level below.
We then come to a hurdle and price failed to make a new higher high and started to turn bearish. We then saw we were getting new lower lows and new lower highs meaning price was favouring the bears. We have now seen price break this structure zone, come back to retest and also continue dropping. I've got in a little later than I would have normally wanted but for me the trade still stands and I've just had to go in with a bit of a wider SL. Never the less though we are still on for a near 3% RR if all goes to plan.
Final TP targeting the lows just above my structure level below.