Is GBPUSD low at 1.2616 going to hold and become a W bottom(4)

18 thg 8, 2023

This is in reference to our previous idea of us entering on the 4H timeframe bottom confirmation towards a daily bottom and then a weekly bottom to confirm. It was entered based on price and volume spread analysis rationale and the cycle framework methodology by the smart money indicator. Please refer to our reference videos below.

As of today, the daily bar seems to be going against us. At this moment,most traders will panic and look to bail out of the trade. However, when you know your strategy rules and its edge over the law of numbers, you will stick in the trade. In this trade, till the potential daily bottom (as in the image below) is taken out, trade is still valid. We can look for potential trailing levels looking at the 4h timeframe.
Let's wait and see. Patience is virtue.


P.S. Remember that the principles from these ideas can be cross transferred to any strategy.