Looking at the GBP vs USD on the H4 time frame we see immediately that price is above the Kumo Cloud therefore our bias is bullish. With that in mind we are looking for the market to continue the move higher. The W%R is showing strong momentum to the upside above the -20 level. Price has broken a bullish fractal resistance level at 1.54373 and has now retraced back to that level. Fractals show the structure of the market and as the market is breaking bullish fractals then we want to follow the structure. These fractal levels are strong support and resistance levels also. I am looking for price to violate the previous high of the doji indecision candle and follow the market structure for a long opportunity. My entry is at 1.55210 and SL at 1.54208 and take profit at 1.56742. Follow me at fxatoneglance.com
If we violate this bull fractal we will be back at it in the future for a long trade off of that level!
ChaosTrader63
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There is major USD news on this pair in the AM so don't expect it to do much until then and with the news the whole analysis might be for not. If you are in this pair I would close a few hours before the news.
SPQRapid
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I closed it 1 hour on a small loss before the news and now it's sky-hi in profit but we can't predict the future
ChaosTrader63
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Yea no problem because when there is major news it's best to get out before the news as your SL might not get filled where you expect it to be filled and you end up with a bigger loss than you would have had. If there was no news our analysis would have remained as is.
SPQRapid
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I understand why you placed the trade BUT price seems to be ranging . You have placed the trade because you are using inside trading for this one right ? And now at 1.54373 the fractal ( wich is alwso on the daily timeframe ) is support 2 candles didn't manage to close below the level . And if the daily candle closes above kijun then yes BIG support ! Fingers Crossed :)
ChaosTrader63
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Price is not ranging! Look at your daily chart and you will see the rejection at this level but no range but just a pullback to the fractal level. I'll trade it 100xs over! I can only trade what I see and not what I think or think I know.
SPQRapid
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True ! Sorry for the bad comment
ChaosTrader63
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hey nothing ever bad! No one is a market master even if they think they are. I know I'm not so never be sorry for any ideas or thoughts.
pk29121976
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@ChaosTrader63,
I can only trade what I see and not what I think or think I know.