love the chart, KISS
Taking in consideration how the weekly chart look,those 2 weeks of strong rejection was a clear signal that the short term move on the daily chart it would reverse.
Going down to the 4h chart we could take the opportunity to reduce the risk by taking the BUOB which engulf several last candles. This BUOB was developed afeter a rejection off of big psychological number 1.5, aligned perfectly with 50-61.8 fib from the last swings points.
Don't forget that this big round number have the tendency to cluster big orders increasing...
I don't usually flat out copy and past but I am about to run from the house so I am going to cheat today and copy my intraday thread post !
=mbqb11;55401]I know we have a few posts for this so I will respond in one. I took both the gbp/usd and the gbp/chf. The gbp/usd I took based on the mt4 feed and gbp/chf based on alpari(although the gbp/usd are similar on both). Now normally I don't get into two of the same types of trades b/c you have to worry about correlation but there were good factors going for both.
Here are the breakdowns.
gbp/usd. Big BUOB off 1.5. The 1.5 is key as we talked about in my weinbar yesterday I said I would be watching this area like a hawk. We have a weekly pin followed by an inside bar(shaped in the pin form) so pressure looks top side and I said if 1.5 can hold it will be interesting. Normally I would close out where we are now and I still might, but I want to see if this push gives us the break higher. My stop is reduced to under 1.5100 eliminating most of my risk
gbp/chf - Again a decent size buob here but with a lot of confluence. We have our BRN with the close over. WE have the wedge formation going the wrong way(remember back to when I talked about this with my eur/usd trade?), we have divergence, all in all I was looking for a quick hit on this as you can see by my take profit(just shy of 1.6100 round number minor ppz). We have a trendline that if breaks could mean a breakout much higher but I was going to watch gbp/usd for that and not get too fancy on both just one. Stop moved up slightly.
Hope this helps
Mike[/quote]
your post always stand out and are full of wisdom 
