Possible pull back setup
:) Hope everyone is ok from today's GBPUSD drama (or to say mainly the US side due to yesterday's retail data).
The retail data mainly to deal with the consumer market side so I guess it had much more impact on the stock markets which then had a reflected illusion of DXY going up. They are after all very important figures representing the US economy recovery so I suspect DXY should start its retracement in the next few days.
Let's make small SL and ride the rise. :) And if I'm wrong it's a risk worth taking.
SL: Just a few pips lower than today (Tuesday)'s low, I conservatively set it at 1.372 which is still very tight SL. Good one.
TP: Fib based, all the way up to 1.384 is foreseeable. But realistically, start trailing stop from 1.3783 is more practical approach
GL
The retail data mainly to deal with the consumer market side so I guess it had much more impact on the stock markets which then had a reflected illusion of DXY going up. They are after all very important figures representing the US economy recovery so I suspect DXY should start its retracement in the next few days.
Let's make small SL and ride the rise. :) And if I'm wrong it's a risk worth taking.
SL: Just a few pips lower than today (Tuesday)'s low, I conservatively set it at 1.372 which is still very tight SL. Good one.
TP: Fib based, all the way up to 1.384 is foreseeable. But realistically, start trailing stop from 1.3783 is more practical approach
GL
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