GBPUSD - 1H - ABCD - CD Leg in development - SHORT
Trading a possible CD leg development for possible ABCD pattern on 1H time frame. This is a speculative trade so I don't usually risk much on it.
Logic is that point C is a retracement pivot point which ensues an impulse wave in direction of trend (in this case down) and will exhaust itself at projected D point.
I take this sort of trades only in direction of my prevailing bias on an instrument. Since my bias on GBPUSD is bearish at the moment, this trade is in line and I am comfortable to risk a little on it.
Trade is market up to T1 level. If price breaks through this level on strength then I will hold till the next level of fib confluence below is reached.
I then may take partial profits and trail the rest.
Happy trading all
Logic is that point C is a retracement pivot point which ensues an impulse wave in direction of trend (in this case down) and will exhaust itself at projected D point.
I take this sort of trades only in direction of my prevailing bias on an instrument. Since my bias on GBPUSD is bearish at the moment, this trade is in line and I am comfortable to risk a little on it.
Trade is market up to T1 level. If price breaks through this level on strength then I will hold till the next level of fib confluence below is reached.
I then may take partial profits and trail the rest.
Happy trading all
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