56477_-gbpusdh4-2016-11-30-06_02_44
Look Left ….

Look Left Young Traders Look Left

 

The GBPUSD is a “declining price” pair. Soros who one time broke the Bank of England  is looking for another BIG score . Trading the pair is therefore only prudent when selling GU .
So lets look at a current set of open trades and discuss why the entry was made . Recall Trading Consultants Inc only considers trades when the direction is clearly indicated by am line chart  on the monthly time frame . GU Monthly dowwnward to who knows where.

Let’s look at the 5 numbered areas  for guidance.

Notice the vertical line at point of entry and then look left.

On four occasions an engulf signaled a decline.

  1. Demand Zone indicated by bull candle
  2. Bear Engulf  one of four
  3. Demand Zone tested  see  1.
  4. Bear Engulf two of four  can you find the other 2 ?
  5. Stop Loss based on most near pin rejection

Target is the demand zone indicated by  1 and 3 above.

 

“Whales” have memory and while the H4 zone is not as reliable as daily of weekly its a reasonable time frame for clear trends that are directional not ranging. What they did they tend to repeat.

 

 

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