The No-Deal Brexit jitters potentially pressure the Sterling in mid-term. I am picking two directions within a general GBPUSD mid-term bearish bias.
Left Hand Side Chart is H4 Timeframe. Right Hand Side Chart is H1 Timeframe
For Plan A : I am marking yesterday's daily pivot + 1.29000 price and I want to see how the market will react upon reaching it. A bearish engulfing candle in H1 timeframe will trigger me to short the GBPUSD. Target will be as illustrated by the arrow.
For Plan B : If the price test today's daily pivot and see a strong bullish reaction from it, I will be LONG and target will be as illustrated by the arrow.
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Left Hand Side Chart is H4 Timeframe. Right Hand Side Chart is H1 Timeframe
For Plan A : I am marking yesterday's daily pivot + 1.29000 price and I want to see how the market will react upon reaching it. A bearish engulfing candle in H1 timeframe will trigger me to short the GBPUSD. Target will be as illustrated by the arrow.
For Plan B : If the price test today's daily pivot and see a strong bullish reaction from it, I will be LONG and target will be as illustrated by the arrow.
If you like the write-up please give me a follow, If you agree with this trading plan please hit the Agree Button. If you disagree, post a comment down. Thank you for readinG!
Plan B didn't trigger as well as price did not stop @ 1.28500.
I could enter the trade when price hit1.2800 the Bullish Engulfing Candle happened and hit the Plan B's direction.