GBP/USD Price Action Traders
The signal from yesterday did perform straight from the very beginning. I was looking to enter initially in a long trade on a small retracement. Unfortunately, the price did not fall to the levels that I was looking to enter. I still managed to trade off a signal given to me by the intraday trading strategy that I am using and I do cover in my trading course. But I couldn’t react that fast to give you this intraday signal. As some of you have noticed, I do give intraday signals mainly from the 4-hour chart if I have time. Unfortunately, this is not the case almost every time. So, even if you haven’t managed to trade this one, I do have another price action signal coming from the GBP/USD pair.
Today’s GBP/USD price action idea is coming from a pin bar again. It is a huge day for the GBP/USD- probably the biggest one in the past few years (UK Elections). That is why I do believe that this pair is giving us a good signal for entry. For the conservative ones of you that don’t like trading in volatile markets, this trading idea might not be the most suitable. But for the more aggressive ones of you, it is the perfect storm. There was a bearish rejection off the 1.51500 levels. This rejection led to the formation of a daily pin bar. Therefore, my entry criteria for this trade would be a long trade at 1.5250 and a stop just under the level of 1.5130. The primary target is the level of 1.5450. The secondary target is the level of 1.5600, but it depends on price action to judge whether to stay with this trade for a long time.