GBPUSD - Long opportunity
Hi there
I have spotted a nice setup on GBPUSD, offering a potential 1:3 RR.
The structure was broken on the 4H to the upside - giving the market an opportunity to shift momentum. Until then it was clearly bearish.
What stands out for me is the fact that he support zone broke with huge momentum and then flinged back up. In my eyes this is institutional stop hunting. Makes sense as most support / resistance traders would have set their stop slightly below the support zone.
My approach is to go long after another retest of the support zone. I will also set the trade break-even once we are close to the former highs, just to take the sting out of it a bit.
Let me know what you think in the comments below.
I have spotted a nice setup on GBPUSD, offering a potential 1:3 RR.
The structure was broken on the 4H to the upside - giving the market an opportunity to shift momentum. Until then it was clearly bearish.
What stands out for me is the fact that he support zone broke with huge momentum and then flinged back up. In my eyes this is institutional stop hunting. Makes sense as most support / resistance traders would have set their stop slightly below the support zone.
My approach is to go long after another retest of the support zone. I will also set the trade break-even once we are close to the former highs, just to take the sting out of it a bit.
Let me know what you think in the comments below.
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