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An interesting scenario happened in the forex market: the pound, after not generating profitable transactions for many months, formed a good buy level at 1.4.

analytics606d8de00f419.jpgTo be more specific, since the quotes form an Elliot wave (ABC wave pattern) in which wave A is the upward initiative from March 24 to April 6, buyers can open transactions at 1.37900 and set off a 50% rollback towards 1.4. Limit, meanwhile, should be placed at 1.37200.

This plan follows the classic and trusted Price Action and Stop Hunting strategies.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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