GBP/USD Daily Bearish Engulfing play
On the daily today it looks like we are going to close as a bearish engulfing, of course this is a retail pattern none the less I'm looking to trade it...
First of if you drag a fib from high to low we get 61.8% fib confluence around 1.33071 which is also where a naked level is, perfect location for my order to be left. In this area there is also 50 ema which is another confluence I use to trade so they all seem to be stacking up in this area. Lastly ATR will be moving at market rollover this evening which should be within my stop for a extra bit of security...
My stop is beyond the high of the engulfing
Tp at D1 swing below market also around -27.2% fib
If price creates structure around 1.32874 ill be looking for a break and retest of this to play for the failure of the engulfing
Lmk what you think of this, this is the first idea I've ever posted lol
First of if you drag a fib from high to low we get 61.8% fib confluence around 1.33071 which is also where a naked level is, perfect location for my order to be left. In this area there is also 50 ema which is another confluence I use to trade so they all seem to be stacking up in this area. Lastly ATR will be moving at market rollover this evening which should be within my stop for a extra bit of security...
My stop is beyond the high of the engulfing
Tp at D1 swing below market also around -27.2% fib
If price creates structure around 1.32874 ill be looking for a break and retest of this to play for the failure of the engulfing
Lmk what you think of this, this is the first idea I've ever posted lol
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D1 didn't close as a engulfing