Hello, i published an idea a few days ago for a short setup on this pair:
The setup didnt work, i think because the SL was too small. Its a common mistake i do.
After the GBP rate news the market has a clear direction and now its the right time for an entry. This time im placing a "better SL".
Looking a monthly chart we see the price is rejecting from a strong level of S/R and ema 55
Here at D1 chart we have a "bat" pattern ignoring the spike. I saw some harmonic traders using this setup succesfully, so it is valid for me.
The monthly ema55 level is at the same area that 0.8860 fib retracement.
On H4 chart we can find a last AB=CD pattern (blue line)
Targets are shown on the chart.
Best regard
The setup didnt work, i think because the SL was too small. Its a common mistake i do.
After the GBP rate news the market has a clear direction and now its the right time for an entry. This time im placing a "better SL".
Looking a monthly chart we see the price is rejecting from a strong level of S/R and ema 55
Here at D1 chart we have a "bat" pattern ignoring the spike. I saw some harmonic traders using this setup succesfully, so it is valid for me.
The monthly ema55 level is at the same area that 0.8860 fib retracement.
On H4 chart we can find a last AB=CD pattern (blue line)
Targets are shown on the chart.
Best regard