SWING TRADE- GBP/USD- SELL FROM 1.25500-1.25700 REGIONCONTINUATION GU - FROM 1.25500-1.25700 REGION
LOOKING TO GO SHORT GU FROM OUR BLUE ZONE WE HAVE CONFLUENCES THAT AT THE 1.25500-1.25700 REGION WE COULD SEE SOME SORT OF SELL OFF IN THIS REGION WE HAVE 61%FIB ALSO A TREND LINE AND TWO PRICE GAPS THAT HAVE TO GET FILLED UP IN THIS AREA
ALSO WE HAVE ELLIOT WAVE WHICH LINES UP PERFECTLY WITH THE 4 WAVE I THINK THIS IS JUST A PULL BACK BEFORE WE SEE PRICE DROP TO AROUND 1.22500 THIS IS WHERE OUR FIRST TAKE PROFIT IS OUR SECOND TAKE PROFIT IS 1.21700 THIS GIVES US AROUND 320-400 PIP TARGET DEPENDING ON ENTRY
SELL LIMIT 1 SELL LIMIT 2
ENTRY; 1.25550 ENTRY;1.25700
TP;1.22500 TP;1.21700
SL;1.25750 SL;1.25850
R:R; 1:15 R:R; 1:26
REASONS FOR GU SELL
61% FIB
DOWNWARD TREND LINE
LIQUITITY TRAPPED IN 1.25500-1.25700
R2(INTRADAY)(15)
4TH ELLIOT WAVE - MEANING NEEDS TO AST LEAST GO BACK TO PREVIOUS LOW
I WILL LOOK AT PRICE ACTION BEFORE ENTERING THIS TRADE LOOK FOR BEARISH REVERSAL ON LOWER TIMEFRAME IN THE AREA OF 1.25500-1.25700
IF YOU SEE BULLISH MOMENTUM PAST 1.25800 DO NOT ENTER
TRADE AT YOUR OWN RISK
