GBPUSD Hourly, 2618 setup (LONG)
Updated
Its been a while since I entered with this setup, but this one had a case with historical support and resistance area coinciding with the 2618. A clear double bottom, right at the level. With a break to the upside (break of the "v" point of the double bottom) followed by a 0.618 retracement - and here we already see some reaction.
Targetting retest of the previous high followed by a 0.618 retracement of the larger bearish leg - which coincide with 1.286 round number.
Stop loss below previous lows
Targetting retest of the previous high followed by a 0.618 retracement of the larger bearish leg - which coincide with 1.286 round number.
Stop loss below previous lows
Note
First target hit, profit secured.Trade closed: target reached
Second target reached, remaining position closed. Time for weekend!
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