Anticipating a retracement after a strong bearish push to the downside in the daily.
Entry spotted on the 30 min chart as support structure is retested for the second time. I also used my custom fib to base my sl and tp off.
Risk reward on this trade is 1.25:1. 24 pip risk and 30 pip target.
GBPUSD - Pre-analysis (14.9.2018)
- Higher TF structure is bearish but it seems that there is still more room for upside movement, price could potentially reach 1.31500 - 1.32000.
- 4hr shows a break of structure, awaiting for the retracement.
- I'm entering off a 1hr fib set up with 61.8 locked in for entries.
- Stops placed just below 78.6.
- 3.5:1 RR (+85...
This pair has respected a major ascending trendline, creating a new Higher Low on the weekly chart.
My market prediction is for this pair to create a new Higher High. At a previous level of support earlier in march at 1.38300 (500 pip target).