Sterlin sets up for a relief rally!!
Updated
Hi guys,
today gbpusd is coming back to retest a daily support/resistance zone, therefore i want to look for some opportunities on the lower timeframe. On the hourly there's a nice pinbar that tells me there's buying pressure. Besides, price has also created a double bottom with RSI divergence that you can see on the chart above.
The consequent break of structure to the upside makes me think it could go higher on this short timeframe.
You can use the 2618 strategy to buy the 618 retracement, with stops below the low and target1 at the retest of the highs, target2 to be determined.
If you want to share your thoughts or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
today gbpusd is coming back to retest a daily support/resistance zone, therefore i want to look for some opportunities on the lower timeframe. On the hourly there's a nice pinbar that tells me there's buying pressure. Besides, price has also created a double bottom with RSI divergence that you can see on the chart above.
The consequent break of structure to the upside makes me think it could go higher on this short timeframe.
You can use the 2618 strategy to buy the 618 retracement, with stops below the low and target1 at the retest of the highs, target2 to be determined.
If you want to share your thoughts or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade active
Just one target at the retest of the highs:Trade closed: target reached
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