GBPUSD Long
Direction: - The pair approached the end of a Bearish Cycle which may continue on the H4 time-frame, but on the H1 time-frame a reversal off bottom of level was due.
- The pair was expected to enter a Bullish Cycle on the H1 time-frame now.
- A multi-session W (Double-Bottom) pattern formed on the H1, giving us the direction, and also failed to take out YL (Yesterday's Low).
Entry: - Divergence appeared at the point of entry.
- Shark-fin occurred near entry, at the first point of divergence (RSI broke back into the volatility-bands).
- YL (Yesterday's Low) was held, indicating price action was probably not going to break this point.
- Inverse Head & Shoulders pattern on lower time-frame (M15), with the head point being my entry.
- You could have compound traded at the point the candle closed above the 50 EMA, which indicated less chance of resistance being shown.
Exit: - TP 1 was @ 200 EMA, which may be a resistance point.
- TP 2 was @ YH, which may be another resistance point
- SL was @ slightly below YL just in case they went to that price before shooting up.
Direction: - The pair approached the end of a Bearish Cycle which may continue on the H4 time-frame, but on the H1 time-frame a reversal off bottom of level was due.
- The pair was expected to enter a Bullish Cycle on the H1 time-frame now.
- A multi-session W (Double-Bottom) pattern formed on the H1, giving us the direction, and also failed to take out YL (Yesterday's Low).
Entry: - Divergence appeared at the point of entry.
- Shark-fin occurred near entry, at the first point of divergence (RSI broke back into the volatility-bands).
- YL (Yesterday's Low) was held, indicating price action was probably not going to break this point.
- Inverse Head & Shoulders pattern on lower time-frame (M15), with the head point being my entry.
- You could have compound traded at the point the candle closed above the 50 EMA, which indicated less chance of resistance being shown.
Exit: - TP 1 was @ 200 EMA, which may be a resistance point.
- TP 2 was @ YH, which may be another resistance point
- SL was @ slightly below YL just in case they went to that price before shooting up.