Intra day long Trade GBPUSD Yes I know my earlier post was about wanting Sell this pair around the 1.2300 level. However, with this impulsive and sudden move higher and taking into account of some potential dollar positive news on Friday ( tomorrow / 8/23/19 ) I can see a run up in price based on a EW 5 wave setup I see on the hourly or 30M charts. I know they are short term charts, but this is only a short term intra day trade / a tad bit longer scalping trade. You can pick which is which.
If I were to try this trade...and I might yet due to the fact it plays well with my targeted starting point where I’d like to go short. And there is nothing wrong with being a tad bit aggressive with trades so long as you trade light
Use tight stops
Have already booked profits to then risk being aggressive on a trade.
Have a clear plan
And are prepared to trade that plan using your rules.
If I were to trade this—I’m looking at the pink zones / horizontal supports, as my entry points. Those zones play well with fib levels as well. I’d use 20 pips stops or less, and I’d target just above the highs of the last 12 hours as of this post as my take profit zone.
Over all I like to go short on my longer time frame charts. With this potential short-term EW 5 wave setup, it only adds to my conviction on going short at my levels should it play out.
All the best. Should you trade any setup / idea, you assume all risk of loss.
In life and in trading, you either make dust or you eat dust.
