GBPUSD Long Trade 2:1
As you can see, there was an impulse to the downside, this pair is long on higher timeframes and when zoomed further out so we are looking for buys, from this downward impulse we draw a fibb down as shown on the chart looking to take profits close to the last high. We are placing our stop right below the swing low. If the 15 minute chart fails to make a higher high, we will be looking to break even on this trade or for a small profit/small loss.
For now, putting on small size at this juncture where price currently sits, wouldn't be a bad idea. I'll be looking to put more size if we have retracement as long as there aren't any downside trends forming (engulfing candles/large impulses).
As you can see, there was an impulse to the downside, this pair is long on higher timeframes and when zoomed further out so we are looking for buys, from this downward impulse we draw a fibb down as shown on the chart looking to take profits close to the last high. We are placing our stop right below the swing low. If the 15 minute chart fails to make a higher high, we will be looking to break even on this trade or for a small profit/small loss.
For now, putting on small size at this juncture where price currently sits, wouldn't be a bad idea. I'll be looking to put more size if we have retracement as long as there aren't any downside trends forming (engulfing candles/large impulses).