So we can see that we have a clear falling wedge pattern on the 4hr timeframe
So how do we take this trade?
Less aggressive approach:---- Look for a false break (Divergence) on the 1hr for entry
Aggressive approach: -------Enter at the 78.6 fib retracement. Markets normally reverse at 61.8 but you will normally see a false break to 78.6.
TP (1.68 fib extension), but please be careful of the false break indicated on top. That will be the most important resistance. If it breaks then yes full TP should be reached. If not GBP will go lower and align with the daily
Always use rounded values for entry and TP since that is what the big banks use but never use that for Stop Loss
Let me know what you think. Good luck
So how do we take this trade?
Less aggressive approach:---- Look for a false break (Divergence) on the 1hr for entry
Aggressive approach: -------Enter at the 78.6 fib retracement. Markets normally reverse at 61.8 but you will normally see a false break to 78.6.
TP (1.68 fib extension), but please be careful of the false break indicated on top. That will be the most important resistance. If it breaks then yes full TP should be reached. If not GBP will go lower and align with the daily
Always use rounded values for entry and TP since that is what the big banks use but never use that for Stop Loss
Let me know what you think. Good luck