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The fx pair GBP/USD is in a larger downtrend, and we expect it to revert back to it's channel on back of dismal retail sales data which was far worse than the forecast. This is a temporary overbought position and we look to go short as soon as the sellers gain momentum.
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DayTradeToWin Atlas Line technique - staying short below the atlas line is the best way to handle this situation.
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The fx pair is currently in a bigger correction in Daily timeframe (TF). And it seems already got confirmation. Just like how I said a weeks ago the second leg is under development and its first part around its end. H8 says the market was in a range and arrived around a questioning point. This point got the support from H2 also. There can be seen that its players are in bear trend and it says one more small down move missing. This can be traded but have to be ready for a turn because of the higher timeframes. Sometimes later the up move minimum TP will be viewable.
Opening a position: in every M15 pullback end to the given directions. Every time it is important to take care for the contexts.
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The fx pair is in a uptrend and we are after or in the end of a longer correction from which the bulls just begin to come back to the game. Because the longer TFs support and because the todays correction is seem to end LONG position should be taken with the TP of R2. In another case if the correction is may continue than the bulls waited to come back at least above S2 level. And from that point if S2 supports LONG can be taken with the TP of R2 again.
Opening a position: in every M5 pullback end to the given directions. Every time it is important to take care for the contexts.
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