I have not posted much due to the fact I have been travelling a lot, but I have still been trading with the members. This was a swing trade on GBPUSD I took at the start of this week.
GBPUSD has been on a downwards path for the past couple of days from the daily time frame. You can clearly see price creating lower lows and lower highs and I waited for price to push back up to a resistance level before taking it back down for a 1:6 RR. The resistance level also lined up perfectly with the downwards channel on the daily timeframe. Once we came into that level, I scaled down to the 30 minute time frame and got this perfect BD setup. Nice setup, and a nice swing trade to start my trading week off.
GBPUSD has been on a downwards path for the past couple of days from the daily time frame. You can clearly see price creating lower lows and lower highs and I waited for price to push back up to a resistance level before taking it back down for a 1:6 RR. The resistance level also lined up perfectly with the downwards channel on the daily timeframe. Once we came into that level, I scaled down to the 30 minute time frame and got this perfect BD setup. Nice setup, and a nice swing trade to start my trading week off.