Let’s move on to the next trade.
The next few charts are of the GBP/USD.
As you can see on the 4 – hour chart below, the 89’s and 144’s are in buy mode and have been for some time.
The next chart of the 30 – minute shows what happened next.
The next few charts are of the GBP/USD.
As you can see on the 4 – hour chart below, the 89’s and 144’s are in buy mode and have been for some time.
The next chart of the 30 – minute shows what happened next.
I initially selected the low just before the TI change as my point A on the 30 – minute chart, but that point kept missing the entry of the 38.2% retracement.
Also because the market had retraced slightly and moved back up it seemed sensible to try a new Point A which was 1.7088. This eventually gave me a Point B of 1.7275.
Once I had these two points I knew my entry level was going to be the 38.2% retracement level of 1.7204.
Once I had these two points I knew my entry level was going to be the 38.2% retracement level of 1.7204.
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