GBPUSD Buy Double Buy Scenario
After the breakout of the D1/W1 range we can now expect the pair to continue to the upside as this is the main direction.
There are two ways to join:
Scenario 1 :
Wait for a flat correction (triangle/wedge) to form, and go long with the breakout to the upside.
Protection in this case should go below the lower band/trend line of the pattern that will form.
Target 1 - 1.2975
Target 2 - 1.33
Scenario 2:
If we get a deeper correction towards 1.2720, go long with the breakout of the most recent trend line to be formed.
Stop loss in this scenario would go below the last low created, before the breakout.
Target 1 - 1.2850
Target 2 - 1.2975
Target 3 - 1.33
There are two ways to join:
Scenario 1 :
Wait for a flat correction (triangle/wedge) to form, and go long with the breakout to the upside.
Protection in this case should go below the lower band/trend line of the pattern that will form.
Target 1 - 1.2975
Target 2 - 1.33
Scenario 2:
If we get a deeper correction towards 1.2720, go long with the breakout of the most recent trend line to be formed.
Stop loss in this scenario would go below the last low created, before the breakout.
Target 1 - 1.2850
Target 2 - 1.2975
Target 3 - 1.33