GBP/USD Long Entry UpdateHey Guys!
I may be getting into the GBP/USD Long Trade early.
I was going to wait for a full pullback to 1.3313 and perhaps even further with the stop loss at 1.3163 and the main target at 1.3833.
However today, it is possible that short term long strength is kicking back in. Thus I may be getting in early.
To explain: The 1H chart formed a fake double bottom. (I can't explain what fake price patterns are here. ) If price can reach the target height level at 1.3545 "before" reaching the 2nd bottom's pivot low stop loss level at 1.3436, this will signal short term long strength and a possible mid-road entry for the original weekly long setup. If price signals this short term long strength, I will enter at 1.3545 with a stop loss at 1.3436 and the main target still at 1.3833.
Now, since this is a mid-road entry, I will be watching the lower time frames for any short term short strength to form(Trendline Break out recoveries/price pattern confirmations) in which if they do form, I will abort the long entry immediately. Moreover, one of the key levels I'll be watching if this long entry is confirmed is a 1h downward trendline. (A break out long of the trendline, then an immediate break back in = short term short strength) If short term short strength is confirmed, I will abort the long entry.
Moreover, if this mid-road set up doesn't form, I will revert back to my original long entry set up. (Long entry if price pulls back to 1.3313 and perhaps even further with the stop loss at 1.3163 and the main target at 1.3833)
That's it Guys! Lets see what happens!
Have a great day!
Ken
Disclaimer: This is not Personal Financial Advice.
