Ransquawk

On GBPUSD yesterday was a strong rebound from a point where we had a triple confluence:

  • line of downward trend ( to be precise- upper limit of descending channel),
  • 50% Fibo of the last bullish movement
  • and quite an important horizontal level of support 1.2640.

Price strongly bounced and went up. I noticed it a little late and now will have to wait for a pullback to open Buy trade. This pair can be volatile due  to politic uncertainty , so SL must be enough big to avoid some unexpected impulses.

GBPUSD- price strongly rebounds from a level where we had triple confluence
GBPUSD- price strongly rebounds from a level where we had triple confluence

 

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Since 2010, he has been actively involved in the Forex market up to now. He is a supporter of Price Action and using as few indicators as possible. He believes that the simplicity of the system and consistency in its application is the best way to success in financial markets, and lack of patience is the most frequent cause of failure. Interested in classical systems based on Technical Analysis and in psychology - mechanisms that guide human behavior and conditioning decision making in trading.