last week we fired off a long opportunity here on the GBPUSD at the 1.3060's level looking to capture initial profits at a retest of the previous structure highs. Now that we've reached those highs, the market is going to offer us another "decision point"
A break above close above at this decision point would tell me to expect another extension higher where pullbacks can be used to hop on the bullish move, while a failure to break this level would lead me to expect a deeper pullback. IF we get the deeper pullback the next buying opportunity will be at a retest of previous structure support where I initially got involved in the trade at.
An even deeper pullback and violation of that level would provide pattern traders with the opportunity to buy at the completion of a bullish Gartley Formation.
Akil
A break above close above at this decision point would tell me to expect another extension higher where pullbacks can be used to hop on the bullish move, while a failure to break this level would lead me to expect a deeper pullback. IF we get the deeper pullback the next buying opportunity will be at a retest of previous structure support where I initially got involved in the trade at.
An even deeper pullback and violation of that level would provide pattern traders with the opportunity to buy at the completion of a bullish Gartley Formation.
Akil
Nota
Good break above close above on this pair! That's a positive sign for continued upward movementNota
The higher high, higher close also invalidates the potential bullish gartley formation
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