Is GBPUSD low at 1.2616 going to hold and become a W bottom(6)
This is in reference to our previous idea of us entering on the 4H timeframe bottom confirmation towards a daily bottom and then a weekly bottom to confirm. It was entered based on price and volume spread analysis rationale and the cycle framework methodology by the smart money indicator. Please refer to our reference videos below.
As of today, the trailing stop loss based on the daily timeframe got hit. We successfully captured a 4h bottom holding onto to become a daily bottom. However, the daily bottom did not hold to become a weekly confirmed bottom as today's massive seller bar took out the daily low. By understanding the cycle and smart money framework, we are not put off by this loss but see it is as one of many trades for the strategy edge to work out over the the law of numbers. The sequence of trading events are shown by the numbered points on the chart from the time we entered to the time we exited.
Here is the reference image of the trade we initially took.
All reference ideas and images are as below.
If you have any questions or comments, list them below.
As of today, the trailing stop loss based on the daily timeframe got hit. We successfully captured a 4h bottom holding onto to become a daily bottom. However, the daily bottom did not hold to become a weekly confirmed bottom as today's massive seller bar took out the daily low. By understanding the cycle and smart money framework, we are not put off by this loss but see it is as one of many trades for the strategy edge to work out over the the law of numbers. The sequence of trading events are shown by the numbered points on the chart from the time we entered to the time we exited.
Here is the reference image of the trade we initially took.
All reference ideas and images are as below.
If you have any questions or comments, list them below.
Trader Starter Pack (5-day video course): masterthemarkets1.ontraport.com/tl/128
To book a 1-1 session with our trader coaches: masterthemarkets1.ontraport.com/tl/129
To find out more about Smart Money indicator: bit.ly/3OF5r5N
To book a 1-1 session with our trader coaches: masterthemarkets1.ontraport.com/tl/129
To find out more about Smart Money indicator: bit.ly/3OF5r5N
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