I like to see a third leg lower for GBPUSD on the 1 hour time frame and then look for a buy towards 1.36 and 1.39 respectively.
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Note
Moving as expected, watch for break, stop loss should be below wave 2.
Note
Place stop at break even if you entered as described. I target 1.36 for risk/reward of 12/1 with 2% risk. Stop is at break even and I will be looking to add after a consolidation. (this was we can build this position to target 50% return on capital) The levels are not written in stone so we adjust when needed but this was my original plan and so far so good.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.