Hint: Corrective retrace to support for Monday and Tuesday then up to the H/S
Recommendation:
The recent win of the british ruling party strengthened the GBP. For long term, the pound will be bullish but expect a ranging action over two weeks.
Take a market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the D1 master trend.
Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is above the 50 signal line
I publish ideas on this Premium Account : www.tradingview.com/.../TradeassociatesLLC/ Follow me on both channels for updates.
Recommendation:
The recent win of the british ruling party strengthened the GBP. For long term, the pound will be bullish but expect a ranging action over two weeks.
Take a market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the D1 master trend.
Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is above the 50 signal line
I publish ideas on this Premium Account : www.tradingview.com/.../TradeassociatesLLC/ Follow me on both channels for updates.