Trade Plan
1. Price was trending down so i wait for a break of my key level
2. Price broke below my Key level (1.425)
3. I placed a Fib tool from the last high to the low as we are trending down.
4. I wanted a second layer of confluence which was a fib level, the level had to line up with my Key level (1.425) before my trade idea is valid
5. Price retraced to...
Confluences
1. Price Broke above Key support level
2. waited for the pull back into support
3. candle stick patterns on lower timeframe indicate bullish momentum
4. Fib Level added Confluence
5. Targets at -27
Notes - Price went to the lower fib level before the big move
GBP/USD
Targets achieved!
CONFLUENCES
1. Price broke below support level
2. Waited for the test of the support level now turning as resistance.
3. Entry confirmation on the 15min chart
4. MA cross over on the daily timeframe as a added confluence
1. Price broke below 1.21500
2. I wanted price to pull back into the zone
3. Fibs (61.8) line up with resistance.
3. Double top formation at resistance
4. Target 1 = 1.20500
5. Final Target 1.19648
GBP/USD
We can see a Double Bottom from the key area of 1.30 (14th march - 14th April 2022) which has changed my bias to long.
Confluences
1. Bullish Momentum candle (13th April 2022)
2. Bullish Momentum broken the trend line
3. Bullish Momentum broken the Key Level 1.305
3. 14th and 15th April 2022 we can see the retest of the trendline
4. 14th and 15th...
