DislikedDear Emmanuel In one of your reply, you mentioned if the price retrace to Fibo 78% level, you will be prepared to cut loss, is this one of the way to distinguish if Plan A goes wrong? Is there any other ways you can share with us? For example, GBPUSD has been consolidating for several days last week. After I have finished building initial entry position + 4 positions then I started to wait day by day and it retraced even more. it seemed to me that the price would eventually hit my technical SL (right under WRB ) but fortunately it went UP today....Ignored
The 78% retracement which I mentioned is referring to the EURAUD pair which is trending up.
see chart below:
The GBPUSD pair remains in sideways 'trapped' in the range of that 14July WRB high-low. We had two consecutive bullish day so you should have taken out some profitable ME trades. Should price retraces again today, you can re-open new ME trades again. This is when market is sideways.
You see my post: http://www.forexfactory.com/showthre...43#post8389343
GBPUSD, update your trading chart because last week is an inside Bar. We see "more resistance" above the D1 WRB.
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