GBP climbs tentatively higher. After the news,we patiently wait for an enticing setup. With a 13 pip stop loss and a potential 56 pip reward, we enter long. Our first major hurdle is yesterday’s high. Price is not able to close above it at first and more importantly a wicky candle forms – which is a sign of sellers entering. We place the profit stop just under yesterday’s high and the next candle closes the trade.
Price subsequently moves to our Target 2… in a 3 Drives pattern… without us.
Lots of economic news on Thursday. Geopolitical issues have abated somewhat today. If things heat up again, keep an eye on the CHF pairs.
Back tomorrow if we find a trade. Keep stops tight as the market is potentially very volatile all week.
Good luck with your trading!
