GBPUSD Retest and rise
Updated
Looks to be a retest of a consolidation zone over the long term. It has tried breaking upwards in the past, but has been pushed back in.
Looking at the upwards trend line, followed with the key level of support as the entry point, and looking to target the highs just shy of the top resistance area, counting on a little more consolidation just in this upper range.
Most markets have been ranging lately, so expecting this one to behave the same, and work with the extents of lows and highs of the support and resistance to trade with. This leaves a nice 4+ R using the top of the short term 15 minute support as a good entry point, sell stop hedge below the upper Support/Resistance of the range. Should price retreat back into the range we could drop a bit I would think before finding support again.
I think most likely long is the ultimate goal, looking at the gradual lowering then rising of the lows throughout the consolidation. Eliminate the peak breakout then dip back in, it resembles a messy "W" pattern (Very messy/noisy) that's typically seen on shorter time frames before large upward breaks.
Next target beyond the one chosen is quite a distance, and better seen on the daily or 4 hour chart. I want to be sure it breaks the most recent high to be sure we have a good shot at going higher, and the target area also lines up from a long time before (Feb - May '22, been a long time since we were here...)
Looking at the upwards trend line, followed with the key level of support as the entry point, and looking to target the highs just shy of the top resistance area, counting on a little more consolidation just in this upper range.
Most markets have been ranging lately, so expecting this one to behave the same, and work with the extents of lows and highs of the support and resistance to trade with. This leaves a nice 4+ R using the top of the short term 15 minute support as a good entry point, sell stop hedge below the upper Support/Resistance of the range. Should price retreat back into the range we could drop a bit I would think before finding support again.
I think most likely long is the ultimate goal, looking at the gradual lowering then rising of the lows throughout the consolidation. Eliminate the peak breakout then dip back in, it resembles a messy "W" pattern (Very messy/noisy) that's typically seen on shorter time frames before large upward breaks.
Next target beyond the one chosen is quite a distance, and better seen on the daily or 4 hour chart. I want to be sure it breaks the most recent high to be sure we have a good shot at going higher, and the target area also lines up from a long time before (Feb - May '22, been a long time since we were here...)
Trade active
Order filled a short bit ago, while asleep. Looks to have been a stop run into support again and turning back up with engulfment off the support.Trade closed: stop reached
HedgedTrade active
Going to drop the hedge for a few pips lost, I'm thinking it's going to still range, just from a wider perspective... Looking to rehedge below the last lowTrade closed: stop reached
Hedged again. Leaving this one until we reach either 1.2365 or target gets reached at 1.257
Trade closed manually
Flattened, done hedging, I tend to always end up in a wide position and have to look to the charts way too much for my liking anymore. Normal trades only. Have had success only a few times with it but not enough to make it consistent yet.
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