GBPUSD Long
-On higher timeframes we are in correction of uptrend
which has a descending channel as correction pattern
-Descending channel inside descending channel also
on intraday timeframes (both inside high TF channel)
-So we have strong timeframe confluence here with
very good probability of price going up at least to
beginning of correction
-Two possible positions depeding how long you want to
hold your position, as larger structure will take more
time to develop and will have corrections in between
Confirmations to look for:
-Risk entry now
or
-Less risky entry: wait for break of inner descending
to up above upper trendline at 1.308 area
This is just idea, not trading advice, use at own risk.
which has a descending channel as correction pattern
-Descending channel inside descending channel also
on intraday timeframes (both inside high TF channel)
-So we have strong timeframe confluence here with
very good probability of price going up at least to
beginning of correction
-Two possible positions depeding how long you want to
hold your position, as larger structure will take more
time to develop and will have corrections in between
Confirmations to look for:
-Risk entry now
or
-Less risky entry: wait for break of inner descending
to up above upper trendline at 1.308 area
This is just idea, not trading advice, use at own risk.
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