GBPUSD on a double bottom 🦐
Updated
GBPUSD on the 4h chart created a double bottom over a support area.
The price bounced over the area and tested the upper trendline of a descending channel and then retrace at the 0.618 Fibonacci level.
How can i approach this scenario?
I will wait for a potential move to the upside and a break above the structure at the 0.382 level, in that case, i will consider a nice long order according to the Plancton's strategy rules.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
The price bounced over the area and tested the upper trendline of a descending channel and then retrace at the 0.618 Fibonacci level.
How can i approach this scenario?
I will wait for a potential move to the upside and a break above the structure at the 0.382 level, in that case, i will consider a nice long order according to the Plancton's strategy rules.
------
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Note
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