GBPUSD started the month by buyers losing momentum and sellers coming into the market. Since then price has been creating lower highs and lower lows.
We are currently sitting at an area of support between 1.38325 and 1.38375
GU has been creating steady market structure which is perfect for us to take it zone to zone everytime; Paired with quarter points it makes it clean where price can possibly go.
Entry Criteria:
We can take two approaches to this trade.
A) The Conservative approach
-Wait for a 1hr close below our key level
-Break and retest of the zone
-Enter on retest
B) Fibonacci Entry
-Fib drawn on 15min time frame
impulse to impulse
-Enter when price reaches the golden zone
Between 50% & 61.8% levels.
Both entries are valid. Price created a 15min OB at the top of the key zone.
Price is currently reacting to the 27% level and a bullish pinbar was created signifying sellers are still in the market, confirming we are on the right side of the trend.
Risk to Reward for this trade is 12:1
We are risking 6 pips for a target of 75 pips
If you take the more conservative entry your risk to reward would be 6:1
Risking 12 pips for 65 pips
Be patient and wait on the setup to come to you!
We are currently sitting at an area of support between 1.38325 and 1.38375
GU has been creating steady market structure which is perfect for us to take it zone to zone everytime; Paired with quarter points it makes it clean where price can possibly go.
Entry Criteria:
We can take two approaches to this trade.
A) The Conservative approach
-Wait for a 1hr close below our key level
-Break and retest of the zone
-Enter on retest
B) Fibonacci Entry
-Fib drawn on 15min time frame
impulse to impulse
-Enter when price reaches the golden zone
Between 50% & 61.8% levels.
Both entries are valid. Price created a 15min OB at the top of the key zone.
Price is currently reacting to the 27% level and a bullish pinbar was created signifying sellers are still in the market, confirming we are on the right side of the trend.
Risk to Reward for this trade is 12:1
We are risking 6 pips for a target of 75 pips
If you take the more conservative entry your risk to reward would be 6:1
Risking 12 pips for 65 pips
Be patient and wait on the setup to come to you!
