Buy opportunity as GBPUSD on the 1 Hour has swept liquidity and had a bullish break of structure. Expecting a retracement to fill the open imbalance below which has confluence with the last consolidation zone, deep fibonacci retracement, and the lower trend line in a bullish channel. Buy at the end of this hourly retracement.
Keep in mind that the daily chart is overall bearish, but currently retracing, so the 4 Hour is currently bullish. We will soon approach the end of the retracement and price will either return to its bearish impulse on the daily or continue for a bullish reversal. That makes this a short term trade setup.
Entry: 1.3491
Stop Loss: 1.3481 (10 pips)
Take Profit 1: 1.3517 (26 pips @ 2.6 RR)
Take Profit 2: 1.3544 (53 pips @ 5.3 RR)
Take Profit 3: 1.3580 (89 pips @ 8.9 RR)
Keep in mind that the daily chart is overall bearish, but currently retracing, so the 4 Hour is currently bullish. We will soon approach the end of the retracement and price will either return to its bearish impulse on the daily or continue for a bullish reversal. That makes this a short term trade setup.
Entry: 1.3491
Stop Loss: 1.3481 (10 pips)
Take Profit 1: 1.3517 (26 pips @ 2.6 RR)
Take Profit 2: 1.3544 (53 pips @ 5.3 RR)
Take Profit 3: 1.3580 (89 pips @ 8.9 RR)
The Charts Are My Art.
FiReZ Trading Strategy
Money Printers Trading Group
FiReZ Trading Strategy
Money Printers Trading Group
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
The Charts Are My Art.
FiReZ Trading Strategy
Money Printers Trading Group
FiReZ Trading Strategy
Money Printers Trading Group
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.