GBPUSD. I have two timeframes here, the left is 4hr and the right is 15min. I'm looking at an entry off the 15 minute chart to catch some late night pips.
Bigger time frame.
On the 4hr chart you can see we just broke a bullish channel, but we still haven't retested it (we don't always have to). On the 15 minute chart we have a descending triangle, and some bullish divergence.
This could break to the upside or the downside.
If it breaks, as always I enter off the retest. And will look to ride it in either direction. If it breaks to the upside my take profit will be no higher then .2900 because price is going to have to break through the 50ema on 4HR and the 200 on 15min.
Peace!
Bigger time frame.
On the 4hr chart you can see we just broke a bullish channel, but we still haven't retested it (we don't always have to). On the 15 minute chart we have a descending triangle, and some bullish divergence.
This could break to the upside or the downside.
If it breaks, as always I enter off the retest. And will look to ride it in either direction. If it breaks to the upside my take profit will be no higher then .2900 because price is going to have to break through the 50ema on 4HR and the 200 on 15min.
Peace!