analytics60803b8b326f7.jpg

Hi dear traders! Let me share a trading idea for GBP/USD with you.

Over the latest couple of days, this trading instrument has advanced notably, having disrupted selling pressure which lasted for nearly a month. Meanwhile, the sellers have been left below the round level of 1.4000. I suggest considering long (buy) positions according to this chart.

analytics608030eeeaf0a.jpg

In fact, we are dealing with a three-wave structure (ABC) where wave A represents buying pressure of the last two days.

My idea is to plan long positions from a 50% and 61.8% Fibonacci retracement following this scheme.

Stop loss could be set at 1.38. Profit could be taken during a breakout of 1.1400.

This trading idea is developed on the grounds of the author’s methods: Price Action and Hunting for stop orders.

Good luck in trading! Make sure you manage your risks!

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

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.