GBP Set up to break the 4 hr

From analysis in the last position, I anticipate a strong charge at the 1.23 level. Looking to get an entry around the zone at 1.22, placing the hedge sell about 26 pips below.

It looks like we have a pullback set up in an uptrend, with a lot of activity in tight ranges on the way down indicates we may be getting ready to charge at the 4 hr resistance level. I expect a lot of buyers to be waiting around the entry zone to send it skyward

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Some can argue the level was already tested if drawn wide, but I think the real level is about 30 pips above the last peak using a smaller zone than the one drwan

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About maybe 80% certain the entry will get hit, but there's a bit of a range for the two minor zones close together there that could prevent entry, plus there may be buyers getting eager to come in in this range too.

Trade active

Entry made

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Add a few more pips to the stop hedge to be below the bottom of the zone price is floating between now. Feel like I'm a little out of sync somewhere 🤷🏻‍♂️

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Starting to see a "loaded w" I commonly see right before a major direct move in other pairs, with an extremely good probability of working out. Sharp dip, sharp rise but no break of the lower low, fast action back and forth, then it sling shots out of the pattern

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*5 minutes chart. What makes this w more unique is the obvious down pressure on the price, works out like a trap pattern to get sellers to go greedy

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No adjustments going into the swap, new market day I'll raise the hedge orders to just below break even to cover a daily low challenge on open, back into a strong support zone and make a scalp of it, then reset the original hedge order back in as it is now at 1.2165.

I more expect the price to continue up, in it's usual "pick a direction and cruise" style action

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Hedge sell stop moved to 1.2203, but I may be setting a risk free stop soon, as it's looks to want to keep going up out of the open

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Current risk on position is only 4.8 pips to the hedge stop, but if we gain an additional 20 pips from here I'll move to risk free

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Trade is set to risk free, target at 1.2295. we drop off here I'll look for another lower entry

Trade closed: target reached

Target reached, 87.2 pip gain

ForexStoryteller

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ForexStoryteller